What you see is the CO2 exiting the beer and bubbling the airlock.
The fermented beer in the vessel has about .75 volumes of CO2 in it. Once you add hops, it creates nucleation sites or, more simple, a path for the CO2 to escape the beer. Just like dropping salt into a beer or simply pouting it into a glass.
Yes, you are introducing oxygen but that is both scrubbed by the escaping CO2 and the yeast in the beer.
Hops do have sugars and the yeast will ferment them. So, there can be some activity from that additional fermentation too. It is good to give the beer a diacetyl rest at around 70F for a couple days to encourage the yeast to break down the diacetyl before bottling or kegging.