no, because when you die from asphyxiation from lack of oxygen/high levels of CO2 your body goes into a kind of panic mode. you start involuntarily gasping for air.
Not quite.
When your airways are blocked (drowning, choking, lung hemorrhage, etc), your body cannot get rid of excess CO2 and goes into panic mode. But if it's deprived from O2 while still being able to expel CO2, there's no reaction at all: the person simply loses consciousness without warning and dies a couple minutes later.
For example, that's why companies add odor to butane, because otherwise people would simply pass out and die without realizing about the leak. Any gas that's heavier than air can accumulate in the lungs and keep them from absorbing oxygen while allowing CO2 to be released. Breathing a mixture of air that's lacking in O2 but isn't high in CO2 has the same effect.