Blood loss being fast or slow is irrelevant since hemoglobin, which is confined to the red blood cells, is, for all practical intents, the only way oxygen is moved around the blood. Increaing the fraction of inhaled oxygen does nothing to increase the amount of hemoglobin or slow down its loss.
I think the best illustration for this is the oxygen content equation.
CaO2 = (SaO2 x Hb x 1.34) + .003(PaO2)
The first part is the amount of oxygen carried on hemoglobin. The second part is the amount that is dissolved in. Consider additionally that the normal amount of hemoglobin is 14 g/dL and normal SaO2 is around 97%. PaO2 with 100% inspired oxygen (which doesn't happen prehospitally anyways) is 760 mm/Hg. With room air, it's .21*760, which is 159.6
So, 0.97*15*1.34=19.497=amount of oxygen bound by hemoglobin.
With room air, the amount of oxygen dissolved in plasma is 0.479
Under 100% inhaled oxygen, the oxygen dissolved in plasma is 2.28. Mind you, you aren't going to get an airtight seal with a NRB anyways, so you are going to have a mix of atmospheric air and medical oxygen which is going to decrease PaO2.
A few other things to think about. The concentration of hemoglobin isn't going to decrease in the short term unless you start administering a lot of IV fluids. So, as RBCs leave circulation, they do so in plasma. So even under the best of conditions with the NRB mask you're still going to get about 10:1 ratio of oxygen bound to hemoglobin to oxygen dissolved in plasma. I'm not sure how much oxygen can dissolve in saline, but saline does not carry RBCs, so the major part of the carrying capacity doesn't come back with saline.
FiO2 and PaO2 is not the same. As the air moving through the conducting airways picks up water from the walls of the airway, the concentration of oxygen (as well as other gases) decreases.
V/Q mismatches can be present, which can further decrease the ability of oxygen to move into the blood stream.
As far as "something being better than nothing" err... no. I would not subscribe that just because you can do something doesn't mean you should.
Of course, one final thing to think about. This is stopping hypoxia, not hypoprofusion.