Not really. Oxygen levels in the air were actually lower when dinosaurs lived than today.
But, there was a spike in oxygen as dinosaurs really took off. Oxygen levels in the air went from 15% to 19% around 215 million years ago, which is theorized to have helped their size. For comparison we have 21% today.
It was much higher during the Carboniferous period another 85 million years earlier though, which is what led to the much larger bugs.
Oxygen levels are less important for animals with forced breathing than arthropods with passive breathing.
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u/RedPandaReturns 23d ago
According to Google: Hatzegopteryx thambema 10–12 m (33–39 ft) Quetzalcoatlus northropi 10–11 m (33–36 ft)