Not necessarily, if you were working hard you would have to add more often than you normally would. And if you had a rather low bottom PO2 for whatever reason. If you had a needle valve and you hadn't opened it enough or it had accidentally closed, the addition rate wouldn't be what was expected. All of which could lead to a hypoxic scenario in not a long amount of time, although there would definitely be a failure on the divers part to allow any of that to happen.
Remember with an mCCR you either set your orifice size (CMF) below your metabolic rate, or with a needle valve, you tune it to your metabolic rate and depth. If your workload suddenly increases, you either have to add more often in the case of a CMF orifice, or you have to open your needle valve to compensate, and/or add more often. If you don't compensate for your increased workload, your usual addition cycle gets out of whack. Get too complacent and PO2 tanks too much.