I think its an average to a certain point. EG my meter shows my 7 day average as being 6.1 but my last Hba1c was 5.3. Your meter doesnt show the inbetweenies of course, as you arent testing every hour on the hour.
If you have a transient binge and your bg doesnt have any rogue readings the rest of the time then I wouldnt think it would show up per se. Red blood cells last about 120 days or something like that before they renew, but it doesnt just show up your last two weeks or else there would be no point in taking hba1c quarterly and it wouldnt actually tell you anything, if you think about it. I do think maybe the weeks closest to hba1c do seem to sway it a bit though (from what Ive read)
I know that people who've had problems with control, or maybe illness, or being on holiday and then get an hba1c it can show up a bit higher, but thats because bg has been consistently higher over a few weeks, and this will likely show up. I dont know how physiology comes into it but it doesnt show the whole story anyway (ie unhealthy spikes in bg) but it does tell you how your body is being affected by glucose and as such your risk of sugaring of the arteries/microvascular system
So, its kind of the best medium we have at present for measuring