Love this area of the park. My parents introduced me to Tuolumne Meadows when I was 5 in 1961. Every summer we would camp and hike and fish in the area. One summer we did a high Sierra camp loop trip hiking all the way down to the valley. Great times great memories!
No, it's not likely. While it can happen, usually if you're just passing through and not exerting yourself too much, your body can handle the lower amounts of oxygen for a short time :)