Hyperventilation deprives cells of oxygen
By reducing CO2 below normal levels, hyperventilation changes the pH of your blood in such a way as to cause haemoglobin to bind more tightly to oxygen.
This means the haemoglobin does not release oxygen to the cells that need it.
If you are training your cells to be more tolerant of low-oxygen environments, like high altitudes, this can be a useful exercise, but it is dangerous to be in this state while holding your breath underwater.