I'm not a physicist, but this is how I think about it.
On the side from which the wine is drawn, there is no vacuum. There is some air exposure just on the top of the wine, and that wine is turning over a little bit, but only for the duration of the racking process so it's probably minimal. This is probably the equivalent exposure of a gentle stir.
If you are "falling film" racking (shooting the wine against the carboy sidewall on the receiving side) there is potential exposure at that point. You have a vacuum so there is considerably less air and oxygen in the container that normal.
@vacuumpumpman could probably tell us, but as a guess let's say 20%-ish. The exposure of the wine in the falling film is what degasses it. While it has CO2 to give up, that CO2 further displaces remaining air and O2 in the receiving carboy. So as long as there is CO2 to give up, even though there is this huge exposed surface area in the falling film, the oxygen exposure on the receiving side is really minimal as well.
Once the wine is degassed, there is no further benefit to using the falling film technique. Even though the Ai1 vacuum removes 80%-ish of the oxygen on the receiving carboy side, 20%-ish still remains, and at that point you are needlessly exposing the wine to that remaining oxygen. How much? Not much, but any could be too much, why risk it?
The greatest exposure to oxygen in my opinion is technique related and occurs right at the end. When you are falling film racking, the tip of the tube on the receiving carboy side is submerged. If you aren't careful when you get to the end, you draw air into the system from the first carboy. This vigorously bubbles 100% air (21% oxygen) through the wine on the receiving end. I believe lots of wine gets unwittingly oxidized in this manner.
(What you almost need is a three hole bung with two inlets, one for the angled tube which directs the falling film, and second very short one which drops the wine straight down. Then add a switch to use once the tip of the angled tube is "underwater" to switch off the input to the angled tube and start dropping the wine straight down into the carboy so as not to unwittingly bubble it at the end.)
Anyway, I've never racked more than once for mixing. If the wine is degassed, I think a
gentle stir risks less exposure than the Ai1. I think 3-4 Ai1 rackings over time is enough to degas and any more than that increases risk of oxidation, somewhere between just a little and a lot depending on your technique.