The KA article is correct. Yeast are facilitative anaerobes. In a dough, initially yeast respiration is aerobic producing carbon dioxide and water - completely oxidizing the carbon source. When the oxygen is depleted (which happens very quickly), the respiration turns anaerobic, and the yeast produces carbon dioxide and ethanol. While anaerobic metabolism is much faster, the production of energy (ATP) in the presence of oxygen is almost 20X more efficient which is why respiration is initially aerobic and why the growth rate slows dramatically in during anaerobic respiration.
This observation, that as oxygen is depleted, the yeast cell growth rate slows and the fermentation rate increases and vice versa, is known as the Pasteur effect.