“Gassed” is a term used in a wide variety of sports for being exhausted and unable to continue at your previous pace. Boxers and fighters get gassed. Football players get gassed. A fast-fast break basketball team might get gassed. A big, heavy palooka who comes out and swings haymakers early might very well get gassed in the first round. An offensive line might be gassed by the end of the half from trying to hold back an aggressive pass rush. A defensive line might be gassed by the 4th quarter because of all the blitzes they’ve been trying to run.
I think the way it’s used in the OP is a less common way of seeing “gassed” used. More likely, you might read “the boxer was gassed by the the 5th round,” in which “gassed” would be an adjective instead of an intransitive verb, as it appears in the quotation above.
Yeah, I’ve seen it a lot but never in quite in that way - an athlete can “get gassed” or “be gassed” but to say “he gassed” reads a little weird. “He gassed out” maybe.