I've seen studies on it and dissolved oxygen levels are like protein and feed levels, there's a sweet spot or range that benefits growth in various studied fish, much below or above this range can mean less growth. So it could conceivably make a subtle difference if your 02 is less than optimal, otherwise not really.
Increasing filtration (adding sponges, etc.) if you already have good filtration won't do much. In other words, if ammonia and nitrite are already zero, water is already clear, (and to be technical, redox is already good) more filtration won't make things better. Yes, beneficial bacteria will colonize the sponge, but the deal is the size of your bacteria colony is pinned to the nutrients available. Doubling, tripling, or even quadrupling your filtration won't give you a bigger bacteria colony than what's already supported by the available nutrients. If filtration is marginal it would bump up your filtration. Otherwise, if filtration is already good to excellent and what you want is better aeration, adding a sponge won't accomplish much for your current tank. It would give you a seeded sponge to use in another tank. If left alone, similar to driftwood, it can grow algae and micro critters for fish to graze on. But not much more.