DCA's research in caves and mines into this issue shows that in most cases underground (in Derbyshire at least), O2 depletion is usually exactly replaced by CO2. So a 2% drop in O2 will mean there's 2% CO2 present. That's quite high for most people, and if SRT is involved, that's very high - I write from personal experience of just how horrible that is. The bottom of Nettle Pot is not a good place to be in that situation.
Just mooching about is tolerable though - Water Icicle Cavern in Monyash is regularly hovering around the 2% CO2 mark, but as it's virtually all horizontal walking in large passage, most people don't have much of a problem. Knotlow and Hillocks mines, not far away, are also usually high, but they do involve SRT inside, so could pose more of a problem.
Long soughs going through shale could introduce other fun gases though, all of which will also deplete O2 percentages without necessarily increasing CO2 levels. Stoke Sough and Hillcarr Sough both get pretty nasty after about 500m, and nobody really goes any further - in Hillcarr you can't anyway due to a shale blockage. I guess in ye olden days most shafts on a big sough system would be open - or at least not blocked, so even on soughs as long as those, some fresh air would usually be available.