No it does not effect the fish.
What is happening is there is an air line going under a rock or something, but when the air comes out it collects on the top of the under side of the rock.
Over a period of a couple of seconds, the air bubble under the rock keeps on building up and then all of a sudden it gets so big that is escapes around the rock and goes to the surface.
Think if it this way, get a bucket of water, cup your hand palm side down and put it under the water, now tilt your hand a little, this will allow the air trapped under you hand escape to the surface.
Now think of this bubble always growing from a supplied source, your air pump.
-FHM