Do live odds actually reflect what’s happening in the match?

I’ve been trying to understand how live odds move during matches, and sometimes it feels like they don’t fully match what’s happening on the pitch.

For example, a team might be dominating possession and creating chances, but the odds don’t shift as much as expected.

Is this because bookmakers are reacting to betting volume as well, not just game events?

Curious how you guys read these situations during live betting.