If children can’t remember, they can’t learn (which would make for a very docile population).
From Darwin K. Hoop:
General information page about the effects of hypoxia: https://www.ninds.nih.gov/Disorders/All-Disorders/Cerebral-Hypoxia-Information-Page
Finds significant memory loss in elderly with O2 sats in ranges found in sidewalk pulse oximeter tests: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC459442/