Indeed. I work with liquid nitrogen and nitrogen and argon purged-clean areas. These are deadly beyond belief. The problem is that most people are not aware of the danger. The common thought is that since you can hold your breath for a couple of minutes, getting a lung or two full or pure N2 should not be an issue. After all, N2 is 78% of the air we breath and is not toxic. The are dead wrong. Breathing pure nitrogen will cause you to pass out in seconds without warning. Death occurs in minutes. You can hold your breath for a coupld of minute only because of the oxygen reserve in your lungs. The oxygen in your blood does not last long at all. I have seen a person pass out from inhaling a couple of Helium filled ballons and it scared the hell out of me.The actual problem is low O2, not high CO2, but they are linked.
Breathing stale air is not as deadly as breahting pure N2. In a normal person, the higher CO2 level will trigger increased respiratory rate and cause a panic reflex. If you are re-breathing air, this reflex occurs long before O2 levels drop to a problem level. For a normal person, I don't actually know if it is the CO2 or low O2 that will kill you if you continue to rebreath air. My guess would be the low O2. Actual CO2 poisoning usualluy occur when someone is being given oxygen and their lungs cannot properly remove the CO2.
CO poisoning is a totally different mechanism that also occurs without warning and is quite deadly.
I am also familiar with shallow water drowning among experienced swimmer, though thankfully I do not have any first-hand knowledge. This is case where you CO2 reflex is suppressed by hyperventalating and becoming hypocapnic.
I have noticed that my full face mask has an anti-rebreathihg valve but the nasal masks do not.