The sensation of shortness of breath is complex. It doesn't depend on oxygen levels in the blood much at all, until they are dangerously low. It has more to do with blood pH and CO2 levels, as well as perceived work of breathing, and a whole lot of other factors we don't understand. Maintaining adequate blood oxygenation is unlikely to do much to fix the shortness of breath caused by IPF.

If this technology comes to fruition, it would increase the number of people able to survive until transplant. There already aren't enough lungs about though...