The bracelet really works like a mirror, but here's the thing - if you see the chart and notice that your sleep falls apart after coffee after 4 PM or a late dinner, that's concrete information you can act on. The gadget itself won't change anything, but recognizing patterns does help.
As for whether knowing about poor sleep is harmful - yeah, it can be. If you start obsessing over the numbers and anticipating bad sleep, you'll get anxious at night, and that actually ruins falling asleep. Some people end up creating the problem themselves that way.
Here's a hack that actually works: don't check the stats right before bed and don't look at them in the morning while you're still lying there. Check them in the evening, analyze them when you're calm during the day, then forget about it. Your brain should associate the bracelet with information, not anxiety.