I wouldnt think so. Was the author suggesting that water thats highly aerated somehow inhibits the absorption of nutrients or interferes with photosynthesis?
Edit: after a quick google search i did find several postings/blogs suggesting that water heavily saturated with dissolved oxygen is detrimental to plant growth. There seem to be plenty of people arguing against that though, and i cant really find anything definitive, scientific, or scholarly concerning the matter.
Generally I believe plants absorb carbon dioxide during daylight and give off oxygen and the process is reversed during darkness.
I would expect this to be true also for aquatic plants, so a higher level of dissolved oxygen in the water through daylight hours would potentially suggest better nutrient transfer? With air stones turned down during daylight. Although there will be many more factors involved.