You’re pretty much right about everything. Oxygen (especially as free radicals) is damaging to pretty much all your tissues, so your body moves it around in little bodyguard proteins (hemoglobin). These each contain 4 small iron molecules as part of the much bigger structure and doesn’t rust or function like iron in any way. The iron is mostly used for electrons (and also damages your body if it’s not inside the hemoglobin and causes more aging)

Carbon monoxide has a higher affinity for hemoglobin than oxygen, so it sticks to your blood cells and makes them useless for hours. Super dangerous.

Point being “oxidative stress” is bad for you and a major cause of aging that your body tries to fight. If your body doesn’t fix this well, you age faster. If it repairs damage too well, you’re more prone to cancer. Just wear and tear of using your body.

So to the original question of can this process be stopped… Absolutely! Hold your breath - the oxygen will stop coursing through your body and you will stop aging. Just ten minutes is enough to end aging indefinitely! Then you have to worry about other problems like body decomposition, but the oxidative stress will be cured!