No not really, since the child gets all its oxygen from the mothers blood supply. (same with all its nurishment.

It could be an issue for a premmie, since feutus 'breathe' amniotic fluid--which keep their lungs moist.

one reason premmies have breathing problems, is their immature lungs need more moisture.
(there is an idea kicking round of incubators that are more like aquariums.. and premmies would be cared for immersed in fluid. not one has tried it yet.)