Yes, but the point, as I understand it, is that high levels of carboxyhemoglobin can counteract these benefits, at least in the short term. So you'd first have to use it for an extended period, which comes with considerable health risks, and then stop using it; and even then, it's unclear whether there are any actual benefits compared to regular altitude training.Seems unlikely:
“In all vertebrates harbouring hemoglobin, this protein is transported within erythrocytes. The volume percentage of erythrocytes in the blood is called hematocrit (Hct). The higher the Hct, the higher is the blood transport capacity for oxygen.”
Cycling performance determinants improved more with CO inhalation at moderate altitude compared to sea-level training, whereas there were no differences in submaximal and maximal performance measures compared to moderate-altitude training alone.
https://pubmed.ncbi.nlm.nih.gov/39236115/
