another thing that an air stone does it it creates some water movement through the water column (especially if the airstone is right at the bottom)
so it adds extra oxygen via the surface agitation. however it also draws water up from the lower parts and oxygenates that.
though a small filter is more effective (IMO anyway) due to the higher turnovers, HOB can do it, (though I found the flow ends up pretty smooth and didnt create a lot of surface movement) but I prefer to use internals or spray-bars on externals. as the higher turnover + intake at the bottom of the tank leads to much more water movement.