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Some O2 will dissolve from the bubbles, however the surface agitation and more importantly the continuous and rapid water turnover from the surface into the water column will be the vast majority of any oxygenation that occurs. The surface agitation is a good indicator of that turnover. CO2 is cheap and it won't cost much to double or even triple the bubble rate to compensate for any additional losses. Even if you have a low tech non CO2 tank, rapid surface water turnover will grab more airborne CO2 for your plants.