Unless you're running air powered filters your air pump is being used to add dissolved oxygen to the water for your fish to absorb. Depending on the water's
TDS and temperature it can only hold a finite amount of O2, so yes, beyond that saturation point you're just making bubbles for nothing. The excess aeration is a waste of energy from a heating and evaporation point as well.
Higher TDS (Total Disolved Solids) will reduce the water's O2 carrying capacity. Also cold water has a higher O2 capacity. This is why a lot of native trout populations have been destroyed by new construction (sediment run off in streams = increased TDS) and farming (tree removal lessens shade = higher water temps). Higher TDS & water temps = no more trout. Same principals apply to our aquariums.
Red Sea makes a dissolved O2
test kit for about $15. Hanna has a floating
pH,TDS, temp. & ECC meter for about $130 on Ebay and there are a bunch there that only measure TDS for a lot less.
Lastly, the more you agitate the water, especially in a deep water tank, the less light will reach your plants through the additional refraction and reflection caused by the surface turbulence.