Matrix doesn't chemically remove nitrates, it claims to promote the growth of de-nitrifying bacteria. It only needs replacing as often as any other biomedia.
As you said though, the conditions for the bacteria need to be completely anaerobic, and its not really possible to remove the oxygen before it passes the matrix media, as this would also mean it at the same time passing the bacteria that remove the ammonia and nitrite with no oxygen, which would kill them. I don't really see how it could work, without a special unit to remove, then replace the oxygen before and after the anaerobic bacteria, and that would cost a lot.