I've heard this too, but I strongly question the validity of it because numerous sponge species are found in the intertidal zone and are exposed to air with every low tide (see the link below). That said, it's possible that it may be able to cause problems for some species (see the quote below), but your method of releasing the air bubbles is what I would've done/suggested anyway as a precaution.
Again, I personally doubt this is actually an issue. This subject reminds me of the confirmedly false myth that starfish die when exposed to air; in reality they only die from
prolonged air exposure, similar to how we humans die from prolonged water exposure (submersion). For starfish, a quick trip through the air won't kill it, and I'd imagine the same holds true for most (if not all) sponges.
So, I'd assume that as long as your tank can provide the proper environment and care for the sponge, it'll recover from any problems.
An interactive guide to the intertidal sponges of New Zealand.
niwa.co.nz