The air bubbles you see only help to assist in off-gassing the water and do not inject more air or O2 into the tank. The off gassing and added water movement is what aerates the tank.
O2 needs to be dissolved in water to be helpful and a powerhead does not have the ability to maintain the injected air into the water at a contact rate that would allow for O2 adsorption. This doesn't mean it isn't helping the water. Just not in the fashion one might expect. I too use a powerhead with air feed to help water movement.
See Star_Rider's explanation.
O2 needs to be dissolved in water to be helpful and a powerhead does not have the ability to maintain the injected air into the water at a contact rate that would allow for O2 adsorption. This doesn't mean it isn't helping the water. Just not in the fashion one might expect. I too use a powerhead with air feed to help water movement.
See Star_Rider's explanation.