No each player will have their own playerstate. If you are using playerstate to handle health you’ll want to make sure you reset that health variable when the player respawns because playerstate is persistent even if the player character is destroyed/respawned. Some people like to use the player class to store health.
To get a reference to player state from your widget you’ll want to get player controller and get the playerstate object from player controller. Then cast to player state.