I did mean downcurrent, where converging currents sometimes near a wall can create an extremely strong downcurrent that can push divers down drastically and suddenly. I have been caught in one that held me about 15 feet down and I kicked away from the wall and got out. Friends of mine were caught in one at 90 feet which brought them to 130 feet and they followed their instructor and kicked their way out, but much deeper than he did.
Another friend of mine got dragged from 70 feet to 180 feet rapidly in the Lillie long drift (not to be confused with the typical Lillie drift) in the St Lawrence river, but you are supposed to be at 90 feet in that portion to avoid the back eddy and potential downcurrent. Once when my buddy was not descending past 60 feet even after I signaled that we need to descend, we were suddenly in a strong back eddy rather than drifting and also got pushed around and down 5 - 10 feet suddenly. We immediately went to our target depth and it was all smooth from there as usual. It's a dive that requires a certain time at 2 particular depths.
So if you are caught in a serious downcurrent on a deep wall, you could be in trouble with nitrox, but you could also potentially be in trouble with air if over 187 feet for example (21% O2 at a PPO2 of 1.4). Oxygen toxicity is a factor of time at depth, so that is one concern, but an even greater concern IMHO is having enough gas left to ascend safely. For the situations I mentioned, each of the downcurrents happened near the beginning of a dive, so each diver had enough gas to kick their way out and ascend safely and complete any deco obligations they may have incurred. If they were caught in a downcurrent further along or near the end of their dive and didn't get out fast enough, it could be a very different situation.
Having said that, if you're watching what the particles are doing ahead of you as you dive, you can see which way the current(s) is/are going in high current areas, and avoid going too close to the wall in those areas.
As someone else said, the result of losing a weight belt would be similar whether you're using air or nitrox. I haven't worn a weight belt in over a decade. I wear a backplate/wing and use trim weights on my cambands. If you use a weight belt, you could check it while you're descending or at depth; there are depth compensating ones; you could put a second stainless steel buckle on it; put the belt on under a crotch strap (YMMV); or wear a weight harness instead. Lots of ways to decrease the risk of losing your weight belt at depth.