You've pretty much answered your own question. In a canister filter (or any external/powered filter), you begin to deplete oxygen quickly as the bacteria begin to consume it without a way for it to be replenished. An air powered sponge filter is a little different since they're typically contained inside of an aquarium where the sheer volume of water helps keep everything oxygenated. For extended power outages, you still risk killing off BB due to lack of oxygen in both scenarios, but in the external/canister vs. sponge filter, the sponge filter likely wins out. With media in the aquarium, they will benefit from emergency intervention such as adding a battery powered airstone to help with oxygenation - the same would be difficult with a canister filter. Whenever I've had external filters/canister filters and had a power outage that looked like it was going to last more than an hour or so, I've always tried to move the media to the aquarium rather than leave it in a more confined space.