Sure it will, it will have the same effect as commercial aerators just on a smaller scale.
The amount of oxygen that dissolves into water from the atmosphere is dependent on the surface area where the two are touching. The surface area where water and air touch for a standard glass of water for example is as big as the rim of the glass, and the rate at which oxygen can be dissolved into it is limited by this area.
You could increase this rate by getting a wider glass, or you could just pump bubbles into that glass that you already have. A bubble is a zone where atmosphere meets air, just like the surface of the water in the glass. Pumping many bubbles can increase the effective surface area where water meets atmosphere, just as you would increase it by putting the water into a relatively wider glass.
