Unfortunately, this is contradicted by physics. Aquatic ecosystems has a
nice write up about oxygen exchange across air bubbles below the surface and
that the finer the bubbles, the greater the exchange. Furthermore, fine
bubbles also allow nasty gases to exchange as well and get blown out of the
surface as the bubbles break. Ingrid

Remember it is the air bubbles breaking
the surface of the water that actually make the oxygen exchange into
the water