Yes, pretty much that is the main thesis.

It takes time for them to produce more, that lag period allows algae to grow in their place and use up the higher light/NH4 available as well as an inactive surface to grow on(the plant's leaves).

Rubsico represents more enzyme protein than any other in a plant, and for that matter.........it's the most prevalent enzyme in the entire world.

Given it's role, it's wise to adapt and change the levels as needed.
It also gives a nice model to why stable, vs merely high or low levels of CO2 allow plants to grow well.

With less CO2, you will have less growth, just like with terrestrial plants, they will grow faster with added CO2 as well, if you have enough water etc, not an issue for us, but in limiting soils, or where water is an issue, adding more CO2 to the air is a bad thing for plants, then by proxy, animals and then by proxy, us.

Amplification of growth has it's trade offs.


Regards,
Tom Barr