TFA talks about the effects coming on "within seconds" of inhalation, so it is clearly not just hypoxia which takes tens of seconds or minutes to manifest.
Our cells use single atoms, usually in the form of charged ions, on a regular basis and we would not survive without them
[1] https://pubs.asahq.org/anesthesiology/article/112/3/614/1084...
Filling the lungs with vacuum has the same effect. You have about 5 to 10 seconds before you're incapacitated:
Xenon has been the gas anesthetic of the future for a long time now. It does have one set of good qualities: it's not halogenated (like all common gas anesthetics), but it's nonflammable (there are very good anesthetic gases, like cyclopropane, that are extremely flammable and have thus been totally phased out of use), and because it's such a heavy atom, it essentially never leaves the atmosphere - no matter how much you use, you can always recapture it from the atmosphere.
It's not particularly cheap, though.
I suppose from the article that a dose of Xenon is $300 of gas, of which $50-$80 is not immediately reclaimed by a rebreather.
But it does cause chemical chsnges. Noble gasses can weakly interact. It does not need to form bonds to influence potential gradients, protein shapes, or other reactions.