I dont know anything about human respiration, but I know a little about chemistry and theres no reason to assume this is true. Basic stoichiometry.
According to a random article on the internet[1], nominal co2 production is 80% of oxygen consumption.
Your point appears broadly correct, just wanted to point out some faulty reasoning that could lead to incorrect results in the future.
[1] https://societymechanicalventilation.org/wp-content/uploads/...
Source?
It looks that some O2 sensors that don't require a reference have been used (titania sensors) but even though they have some advantages, they are less precise and mostly obsolete.