No. The sensation you feel when you can’t breath (a sort of burning in the lungs) is a result of CO2 build up in the lungs. As long as you are still breathing, you won’t experience this. You are correct that with significant blood loss, your organs will not be getting the oxygen they need even if you are still physically breathing. You may notice things like tunnel vision, ringing ears, or weird sensations, but nothing like you are suffocating. Within short order, due to lack of oxygen to the brain, you will black out.
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