I am sure you intended this but this comment depends greatly on the type of media. Ideally open spaced media like bio-balls which allows air exhange. If you have close packed media like matrix (or scrubbies) the bacteria will strip the oxygen from the water since they are aerobic bacteria. Most aquaculture setups (ie high stocking levels) have a re-oxygenation stage or a degassing stage before returning water to livestock tank.