I think advice depends on which cgm you are using. I have a minimed Paradigm pump and cgm. The sensors last 6 days, then say they are finished, but I pretend it's anew sensor and get one more day. But then it won't work any more.
The sensors used to be pretty inaccurate really, but the new sensors are brilliant - and now Bayer have brought out a new blood testing machine that links to the pump, which IS accurate (the last one that linked was useless) the two things are very, very good.
I'd say, yes, after insertion the sensor is not quite as accurate as it will be after a few hours. The longer it is in, the more accurate it gets.
On the whole, I would say don't leave a sensor in too long. When they were testing them during trials one of the types of sensor left traces of silicon I think it was under the skin, and they broke off and all sorts. I suspect the 'lifetime' is a safety precaution and i would stick to it.