I’m actually right in the middle of Respiratory Therapist school, so your cite on exercise physiology looks like it could have come straight out of any of my textbooks. Unfortunately, this concept (and your particular situation) is simply too complicated to boil down to yes/no answer.
I can touch on the basics- first lets stick only to aerobic exercise, I’ll touch on anaerobic at the very end. I’ll take them from your POV personally, with your smoking and cardiac history, hopefully this is ok (I’ll say ‘you’ a lot, but I’m just meaning a general ‘you’)
You are right that shortness of breath can come from too much CO2 and/or too little O2, but it’s hard to tell exactly which you are suffering from without special testing. I might even be more inclined to think you may be having pump failure, as a side effect of your MI, which can also cause these problems.
Basically, you can think of you lung/heart/muscle system as a chemical combustion engine. You have to have fuel and air- what you eat and breathe, a system for delivering them to the cylinder- your heart and bloodstream, and a means for venting your waste gas- exhaling CO2.
Initially you could be having ‘too rich’ type problem, where your muscles aren’t able to get enough air to meet their fuel requirements. Maybe you are having trouble diffusing enough oxygen across your alveolar membrane (due to smoking damage) or you may not be moving a large enough amount of air with each breath to meet this demands (possibly slight/early COPD or emphysema). Either one of these problems could be helped with some supplemental O2, but neither of them is particularly reversible, so they probably won’t improve over time.
Your heart is incredibly important to the whole setup, but really it serves as nothing more than a delivery system- think carburetor or fuel injectors. If it can’t pump an adequate volume of blood to your muscles, they will start to run out of air, run low on glucose and develop an excess of CO2. A weak or damaged heart (from lack of training or secondary to MI) can definitely have trouble stepping up to the challenge.
Finally you have to get rid of CO2, which normally doesn’t produce any problems as long as you are below the Anaerobic Threshold. Your body has to naturally take on more O2 to burn more fuel, and at the same time blows of extra CO2 without having to work at it. However once you cross that threshold, you have to keep increasing the amount of air you are moving since CO2 production continues to increase (although oxygen requirements level off) with anaerobic respiration as well.
So, to finally answer your question, in some cases oxygen might give you a slight boost to endurance while you are using it while working out, but it probably won’t have any long term benefits. It sounds like you are on the right track and know what needs to be done, but for right now work on slowly strengthening your cardiovascular system, stopping smoking and building your muscular efficiency will pay off most in the mid to long term. For the average person, they might notice a large change in O2 partial pressure, but most likely they will have too many other compounding factors to to account for.