False! Too much oxygen is. Here is why. Yeast is a living organism and like all forms of life, it needs oxygen to live and prosper. Too much of it is harmful. Too little, even worse.
When yeast is placed in a friendly environment (grape juice) it begins to feed on the sugars and digest them thereby turning them into alcohol.
This is the case for all juices. But white wines contain less of a substance called "polyphenols" known to have resistance to oxydation. As red wines contain more of this substance, they are somewhat more resistant to oxydation.
Is it any wonder that most wine kit directions will say "stir every day" or "let the wine splash into the carboy upon the first transfer? There again the yeast needs oxygen to complete its work.
Back in the old days, the Brits would buy their white wines in Portugal. In shipping, the wine wouuld swish around in the oak barrels, which was rarely full. The reason for this is that wine will evaporate, even in a well built barrel. The space left is air, ergo, some oxygen!
But the Brits developped a taste for it. It is now called "Sherry", simply an oxydized white wine.
Modern science has found a way around this, unless they hope for sherry. As the barrel loses volume due to evaporation, the empty space is simply replaced with an inert gas and then, the wine from another barrel is added to it!