Maybe someone here can answer this question -
One benefit of Nitrox is that breathing gas with less nitrogen allows the body to off-gas nitrogen faster. The Nitrox gas also has less CO2 than regular air. Since the urge to breathe is determined by CO2 accumulation in the body, does breathing nitrox allow the body to off-gas CO2 faster, thus reducing the urge to breathe and lowering the breathing rate?
Does that make sense?
No. The CO2 is produced by you and is not in the gas to start with.
But...there is a related issue that needs to be discussed. The trigger to breathe is caused by the rise in CO2, so it is more or less irrelevant how much O2 is in the gas as in most cases you will not pause between breathes with Nitrox any longer than you would with air anyway.
However, if a diver believes that he or she can extend their bottom time by breathing slower due to more O2 in the mix they are both right and wrong and sdestined for a problem. Assuming you need a given amount of 02 per breath, the higher PPO2 allows you to get more O2 per breath, but your CO2 production remains the same. This means you will be retaining CO2 due to reduced respiration rates and will be increasing the CO2 levels in your blood, etc.
This can cause incredibily painful headaches as the CO2 is a vaso dialator but more importantly, it can increase your susceptibility to both oxygen toxicity and nitrogen narcosis.
So...artificially slowing yoru respiration rate on nitrox to extend bottom time is a bad idea as you are extending your bottom time on a higher PPO2 mix with elevated CO2 levels that increase your susceptibility to oxtox on a dive where your judgment is potentially more impaired - all in all a pretty good way to take yourself out of the gene pool.
The US Navy experimented with enriched air in the 50's and decided not to use it operationally in part because of the wide variation and unpredictability of oxygen toxicity. Part of the problem was that the test subjects had long histories of being helment divers and had developed a high CO2 tolerance in the poorly vented Mk V helmet that created a situation where they retained CO2 and increased the risk of oxtox on scuba gear using enriched air.
The current recomemended PPO2's are much lower, but I would still not push it as it is a lot simpler and safer to just buy a bigger tank if you feel the need to extrend bottom time.