OK, variable area flowmeter sometimes called a Rotameter (Rotameter was the name disputed by a German Comapny and a GEC company in the UK but it became a generic for this type of flowmeter.)
Article here:
We need to take other factors into account.
You have constant pressure, the temperature presumably isn't varying much either so the only real difference is the density of O2 compared to air.
Temperature and pressure changes can cause significant variations in density which may well be significant.
The difference in density between O2 and air may not be that significant. The article shows a machined float type but you show and describe a ball float type.
These are mass produced to sell for a few dollars.
Accuracy is probably 2-5% FSD. It doesn't need to be any better for these types of application.
The ball type has moulded plastic tubes and floats (if it were glass you'd need a safety shield around it for gas duty) and the calibration scale is standardised.
Precision instruments use tapered glass tubes (some have double tapers) and have precision machined conical floats (usually; for viscous fluids the float may have a lip or sharp edge at the widest part) and then they are individually calibrated the float and glass tube paired together. Scales are then produced for the individual tube transfer printed onto the glass where they ceramic ink is fused into the glass tube.
These are pretty accurate, for this type of meter.
Mass produced ball float types are not and don't need to be.
The thing to ascertain is just how much difference the gas density represents and whether this would be significant or not.
JMW