Heart rate

I would say no, but I'm not an expert in cardiac function under load. The normal response, I would think, when one's physical demand is higher than when at rest, is for the heart to compensate for the added energy output of the muscles to increase rate and pressure. In response, the lungs also normally increase their rate of exchange by flushing out CO2 more quickly, and this is accomplished also by an increased rate in breathing.

It would be interesting to see if you were standing still for few minutes checked your pulse and then rechecked with continuous O2 what your pulse would show before exertion.Maybe it goes down from oxygen level change. A good questio for your cardiologist. My smartwatch lets me check both.