Is it possible to have a spo2 level of 100% and still have bad circulation?

Yes: This just means that the oxygen carrying cells are full. The boat is fully loaded, so to speak. But the boat still needs to get to its destination, be unloaded, and the contents used. Clogged arteries, as in peripheral vascular disease, is one example where the loaded boats may not get where they need to be. Heart failure, where the boats can't move around effectively, is another example.