It would. I think that's what most people were figuring.
And also, assuming it's wrapped but not encased to cabling standards (e.g. there's oxygen between the insulator and wire, but the insulator itself is contiguous and airtight), oxidation would eventually deplete the available oxygen "inside" the cable, right?
The plastic on cheap farm cable like this is not going to be air tight, almost certainly isn't water vapor tight, and probably isn't even 'rust tight', in that I've seen rust migrate through plastic coated steel fencing and accumulate on the outside. I wouldn't count on it for anything other than making the rust slightly less obvious.
And also, assuming it's wrapped but not encased to cabling standards (e.g. there's oxygen between the insulator and wire, but the insulator itself is contiguous and airtight), oxidation would eventually deplete the available oxygen "inside" the cable, right?