First of all, 'unbundling' is a concept that applies to procedure coding, not diagnosis coding, so that is not an issue here. As to whether or not both codes should be reported would depend on documentation.
ICD-10 guidance specifies that codes for "symptoms and signs, as opposed to diagnoses, are acceptable for reporting purposes when a related definitive diagnosis has not been established (confirmed) by the provider". Since R09.02 falls under the category of codes that describe a symptom or sign, the question here would be whether or not the hypoxia in this patient's record is a symptom of the respiratory failure. I would expect that hypoxemia would commonly be found in patients with respiratory failure with hypoxia so I would not routinely code this separately. But in an unusual case, for example if the provider has documented that they are investigating a potential source of hypoxemia that is unrelated to the respiratory failure, then in that case it might be appropriate to code this separately.