I think that would depend on the type of errors the device makes. If every 1s measurement is of by independent errors, you can simply do a running average and improve accuracy that way. If the error is fixed, you can determine it and compensate.
If, on he other hand, errors between close in time measurements are correlated, that won't work. You might get "things look fine" measurements for an hour while your glucose level is dangerously low or vice versa.
Given that the first two kinds of errors can be worked around, I would guess this device to produce the third kind of error. You don't need 1s intervals in glucose reading to improve the life of diabetics; 10 minutes or even an hour would be fine, too.