well, if you aerate your yeast and sugar mix, it will produce co2 much much faster, so fast that it bubbles with speed and consumes a pound of sugar in a few days.
but, its not the bubbles that aerate the water, not really.
its the movement of the water they create. so, yes, you could aerate your reservoir with the bubbles from the yeast and sugar.
not much of the o2 would enter the water, if any, becuase o2 dissolves in water so slowely, that you need a special device to allow the o2 to exit the water more slowly. (movement of the water aerates the water and gets rid of o2)
but if the bubble are great enough to cause a stir at the surface of the water and that water has access to air,then they will aerate the water.
bubbles work by agitating the water, creating a higher surface to water volume,that and the movement of the water, allowing more oxygen to enter via the surface.
of course some oxygen enters via the bubbles, but not the majority.