Not like that, not with the "on." I am sparing you means that I am not giving you some burden or harming you in some way.
A common way to use it is "Oh, Anne and Mark - they're getting divorced. There is so much drama involved. I'll spare you the details. Trust me, you don't want to know."
Or your teenage daughter comes into the kitchen and starts complaining she has nothing to wear. You know she has a closet of clothes. "Oh spare me!" you say.
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