Im curious to see
the answer to this.
I think that a conventional woodstove uses a (partial) damper in the flue.
If I understand correctly, a damper interferes with draft, lowering the speed that air is drawn through the system.
Normally this is used to choke back the amount of air passing through the system, thus causing the fire to smolder, burn slower, and lasting longer on the same amount of
wood.
If that tall flue draws too strongly, I can see killing the fire,cooling it with excess air, but I dont see how it would reduce the oxygen available.
Either way, if the draft is too strong, a damper
should help.