I’m not an expert but since you don’t have any answers I can give you my understanding. I think it’s more that your body becomes more efficient at using oxygen rather than filling your lungs with a larger volume of air. If you do a lot of aerobic exercise, your muscles become more efficient at using the same amount of oxygen to do more work, you might have a higher red blood cell count to move oxygen through your body quicker, and the lungs might get better at extracting the oxygen from the air you do breathe in
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