It may or may not have anything to do with the oxygen levels. What is does have 100% to do with is the simple fact that fish are cold blooded and when the water is cold (like it is in the winter under the ice), their activity and feeding level is much lower than it would be in the summer when the water is warmer and their metabolism is sky high. The environment dictates their activity level. Quite simply, they eat a lot more in the summer and eat minimally (or not at all) in the winter.
But the water under the ice in this marsh pond can’t be much colder than water in any frozen pond, lake, or backwater. Yet in many, there is plenty of feeding activity or we wouldn’t bother to ice fish anywhere if we weren’t catching anything.
I think the depressed activity relates more to reduced oxygen levels. Example would be in late winter, the water temps aren’t any colder…but oxygen levels are at the low for the year.