Yes, same with any inhalant. The "high" is caused by brain damage actively occurring due to oxygen deprivation. There's plenty of other examples of retards huffing themselves into vegetables but go look at Nick Rekieta. Dude's huffed himself into a perma-tard hitting nitrous 24/7. Another avenue that it effects the brain is that some inhalants like nitrous shut down the bodies vitamin b12 production which is essential for brain function.
The effects of nitrous are not a result of oxygen deprivation. It's an NMDA receptor antagonist, just like ketamine. There's also a lot of research that's been showing that nitrous actively protects the brain in hypoxic conditions.
Yeah, it will fuck up b12 and that will cause severe problems. But that only occurs in chronic use, which is pretty uncommon. As long as its used infrequently, you could use insane amounts with basically zero discernible health impact
Edit:
In some percentage of the population, oxygen derivation causes euphoria. However, thanks to evolution, for most people, it feels like you're dying.
Sometimes, people who get euphoria from oxygen deprivation will use nitrous in a manner that induces hypoxia. Repeatedly inhaling from and exhaling into the same balloon, or taking many breaths of pure nitrous before stopping for a breath of air. Yeah, they're probably hypoxic, but its not really anything to do with the drug itself, and thankfully the nitrous means they're in less danger from hypoxia than normal
Saying nitrous gets you high by oxygen deprivation is just as retarded as saying that alcohol literally gets you drunk by literally drowning you, because if you fill your bathtub with whiskey, lay in it facedown and try to drink it, then you'll drown.
