There will be some oxygen exchange in the bubbles, but it's relatively minimal but will overall be an insignificant amount of exchange. If you're pumping 90% pure oxygen into the water that changes things a bit.
Airpumps are not needed but they are the cheapest and most energy efficient way of moving water and I use them for sponge filters. A 1 watt air pump can power a 5 x 4.5 x 4.5" sponge filter. The downside is the noise.