If this was enough to temporarily replace breathing I wonder how that would feel if you were otherwise healthy. I imagine not breathing would instinctively feel quite strange and even distressing.
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Edit: goodells explained it better!
Additionally, the thoracic stretch receptors are important for respiratory drive, where the lack of expansion of the chest will promote respiration. When a healthy young person holds their breath for short periods, say 30 seconds or so, their blood CO2 and O2 are not much different, but they still will have to fight the instinct to breathe!