I think
@foxy is correct.
It is a common misunderstanding (that I used to share) that when yeast cells are introduced into oxygenated wort, they first respire, using the oxygen present to breakdown glucose completely, to produce energy, water and carbon dioxide until the oxygen runs out then switch to anaerobic fermentation. This is incorrect.
From the start, the yeast respiration pathway is inhibited by the high concentration of glucose in wort (“the Crabtree effect”). Instead, after a period of adaptation (“the lag phase”), the yeast use the anaerobic fermentation pathway to partially breakdown glucose to produce energy, ethanol and carbon dioxide. The importance of oxygen in wort is that the yeast use it to synthesise sterols which are used in cell membranes so important for cell division during “the growth phase” of the yeast. During the growth phase, oxygen in wort becomes depleted - probably as a result of a combination of sterol synthesis by yeast and stripping as a result of carbon dioxide generation - and the growth phase comes to an end.