That's always the assumption, but blood gases on arrival were the same between the groups in this study. Other studies looking at this topic have found similar blood gases, as well.
If you look at the methods, they didn't draw an ABG until after placing an art line and capturing the airway:
"In the hospital emergency department, patients who were not intubated underwent immediate RSI by a physician prior to chest x-ray and computed tomography head scan. In these patients, arterial blood gases were performed only after intubation and insertion of an arterial cannula."
Granted, there was no significant difference between arrival SpO2. There was a tendency towards lower body temperature and tachycardia in the prehospital group.
Inadvertent hyperventilation was postulated as a source of excess mortality during San Diego RSI trial, although the majority of the providers didn't have access to ETCO2 to direct their practice.
http://www.ncbi.nlm.nih.gov/pubmed/15284540
http://www.ncbi.nlm.nih.gov/pubmed/12634522