How old is this chick? If it's old enough to have a comb and wattles, you can tell by the color if she is getting enough oxygen. They will be a grayish purple if she is oxygen deprived.
If it's a very young chick, though, you will need to gauge her oxygen level by how active she is. If she's as active as your other chicks, she's okay, and the beak holes being small are responsible for the noise when she breathes.