The spray bottle is not air tight, if it was it would be sucked vacuum when spraing out it's contenst, but it doesn't, you pump contents out and air back in.. So if you pump peroxide out with the bottle (spray head) submersed, air can't get back into the bottle, right? There is nothing else to replace the air than the dirty tankwater which is sucked into the bottle mixing and reacting with and deluting the peroxide in there.
anyway if you not intent to empty the bottle straight away with one treat, i would not hold the bottle submersed while spraying. It's a waste of the rest peroxide in there. 🙂