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On the plus side if we use up all the oxygen, we’ll have solved the problem of burning fossil fuels producing CO2!

If we use up all the oxygen, we'll have solved every social or political problem that currently plagues humanity. I think it's a good strategy.

FWIW, I consider extinction avoidance also a political problem

This is like the Bojack Horseman prescription to solve America’s gun problem (Watch the show, I won’t spoil it)

Purple Earth hypothesis. The first (AFAWK) photosynthetic critters were cyanobacteria. They produced enough oxygen to kill off everything which couldn't withstand its reductive effects. Oxygen levels have been much higher than they are today, presumably this is what made e.g. 6 foot centipedes a possibility.

If siblings are to be believed, there is nothing we can do about it aside from being very careful not to release the hydrogen into the atmosphere (at which point it will “burn” whether we want to or not)

Closer to 10^15 tonnes, so a few orders of magnitude out.