The answer is yes if the growth rate is fast enough.

If the plant produces enough O2 and expels the gas through growth(plant production), then you will see it.

O2 is rather insoluble, and is not easily lost around the layer to the water, so we can see pearlign at less than saturating O2 ppm's also.
I've seen a lot of pearling in tanks and lakes with lower O2 ppm's.

Regards,
Tom Barr