The issue, I think, is that experiments like that would only tell you so much, because the insects aren't adapted to the high levels of oxygen (which can be kinda toxic, particularly at higher concentrations). So to really understand this you'd need to breed insects in high oxygen over many, many generations, and have them evolve in this new environment. That takes a lot of time and money. Jon's lab has done it with fruit flies, and they do grow bigger over the generations. But as far as I know (which isn't a lot), folks haven't done those kinds of multi-generation experiments in many species.