But...oxygen concentration is essentially indepedent of CO2. We measure CO2 at part per million levels, whereas O2 is 20% of the air.
(In that context CO2 is surprisingly toxic given that 1000 ppm can impair mental acuity).
The goal of a gasoline engine's sensor is to accurately and precisely measure the point where O2 concentration reaches zero, so ambient air levels are not quite as relevant.