Yeast need oxygen at the start, unless using dry yeast. While there are other possible aids to sterol synthesis, they of course all have some downstream downside. But I know you know all this... am I missing a big point you're making? You do have an understanding of microbiology that surpasses my practical, brewing oriented grasp.
I'm not an expert on this matter. I have more questions than answers.
Here's what I think we know:
Oxygen helps yeast grow. It's extremely beneficial during propagation i.e. when making a starter.
Increased oxygen level at pitching results in a more rapid fermentation.
All other endpoints examined in scientific literature seem to have conflicting evidence and/or the methods have questionable application to homebrewing.
My takeaway is this:
There's clearly not
always a need to aerate or to achieve any particular level of oxygen in the wort. In other words, there's no one-size-fits-all. Pitch rate, yeast vitality, yeast strain, wort gravity, trub content, headspace, and other factors all come into play and probably have a greater effect on fermentation performance than oxygen level.
Most research indicates that oxygen suppresses ester formation. Therefore in some cases (most Belgian styles, Saison, weissbier, etc.) low oxygen levels may be beneficial to increase the desired yeast flavor.
In other cases aeration/oxygenation is likely beneficial or at least not harmful.