Probably. ISTR that depriving a body of oxygen results in a different response than overloading the body on CO2. It's why if you completely displace all air in the room with CO2, people choke, panic, etc, but if you use Nitrogen, people just keel over dead without realising it.
We evolved to detect CO2 because that's by far the easiest thing to detect that's still a reasonable proxy for the performance of our respiratory system
It's about pH. CO2 creates carbonic acid when it dissolves in water. Your blood pH, in turn, controls how much you feel like you need to breathe. So with high CO2, your respiration rate slows down, and that can lead to low oxygen levels.
Note that the physiology and biochemistry of this is complicated (e.g. blood is a very good pH buffer and it's actively regulated by kidneys etc) and it's very much a nascent field of research, so I think AI will be overconfident and hallucination-prone.
Source: I worked in high-co2 caves for my PhD so have read about this a lot. I always carried a CO2 monitor. Our rule was to get out if we saw 20,000 ppm or greater. I spent thousands of hours above 10,000ppm.
It was the first time that I heard about them. These basically never happen if your body and environment are halfway decent, but they are important in exceptional situations.
Pretty sure I learned the effect was the opposite (high CO2 --> slower respiration). Note that that was ~15 years ago when I would have read that. Maybe I just misunderstood, or thinking has changed.
edit: reading now I see I was wrong about this. Thanks for the correction!
You can hit this breathing by yourself in an unventilated 3x3m room (literally measured in my house).
I wonder how many driving accidents can be saved by having a co2 monitor in the car.