Someone more knowledgeable than me please correct me if I'm wrong, but I'm pretty sure that when it comes to equilibrium between atmospheric CO2 and O2 and dissolved CO2 and O2, the CO2 and O2 are entirely different and unrelated systems. The CO2 should reach equilibrium at the same rate regardless of atmospheric or aqueous O2 concentrations.I'll try to explain/remember the air pumped in vs air brought to water surface as is has to do with the volume/concentration of air. Ignore all the incorrect terms as I'm not a chemist.
While chopping the air bubbles into smaller bubbles created more surface area, it does not address the differential concentrations in air exchange. Imagine pumping in x liters of air to mix with the water with the simple assumption is CO2 out, O2 in. The air in the bubble will exchange O2 with the water giving CO2 into that bubble until the concentration of CO2 in the bubble raises. As you add CO2 to the bubble, gas exchange slows, hindering gas exchange. The CO2 in the bubble is trapped until it pops and the higher the CO2 in the bubble, the less effective gas exchange is. Chopping the bubble up just makes this process happen faster, but the limit of say clean air is the air pumped in by the pump, which you can never exceed.
Take that same surface area of water and expose it to your room where the volume of air is so large, the CO2 off gassed by the water will not depreciably effect the O2 in the room without killing you. The theoretical ceiling to gas exchange is much higher due to the volume of air.
This ignores a lot of interactions for simplicity but was the point as I remembered it. Surface Tension in a bubble also had an impact as well with the benefits to a weir vs bubble.
People tend to associate CO2 and O2 because of the whole respiration thing, but that link doesn't exist in this context, I'm pretty sure.