Modifying oxygen concentration will change the physiology of most any cell, however many times it is difficult to see the difference in a given assay. Hypoxia causes cells to migrate faster, however, I have not seen that hyperoxia has much role in migration rates, for example.
One thing to consider is that in most culture conditions there is an excess of glucose and the mitochondria are quieter than they should be and therefore the oxygen and ROS concentrations are all well away from normal physiological states. The glucose concentration may well be more critical than the supplied oxygen level. Cells experience oxygen levels in our bodies from below one percent in places like the disks of the spine to twenty percent in the upper-respiratory tract.
The issues one might have with oxygen concentration is true in all cell culture conditions as well as during imaging. That said the addition of light into the environment certainly compounds the issues of oxygen tension. Most fluorophores generate reactive oxygen species when dosed with light. I have done long time course imaging experiments where I see the GFP transfected cells proceed to apoptosis after some hours and the others will be fine days later, and this is a consequence of the GFP producing ROS because cells not exposed to light are fine.
In short, do the control experiments to see if the oxygen level and light levels are confounding your results.