All the more reason to focus on uninterrupted (except for rhythm checks/defibrillations) compressions during the initial part of a code and not stopping for either intubation or stopping for breaths (otherwise we're looking at gastric inflation), especially if the patient is in a rhythm amenable to electricity. At 100 compressions/minute, that's a compression every 0.6 seconds. You aren't delivering breaths in that time frame, so at least part of each breath is going to have push back from the increase in interthoracic pressure from PPV.
Now if you're in PEA, then sure, get an airway since hypoxia is one possible source.
If you're in asystole, well, you're pretty much screwed anyways.
Also, there's this entire team of people that respond to out of hospital cardiac arrests who are, at least in theory, trained in using a BVM... and probably more proficient than your average hospital team member with the exclusion of the anesthesiologist and RT. At least to me, "out of hospital" refers to EMS, not the average schmuck with a ARC CPR card. Seriously, when was the last time the average IM... or even EM... resident used a BVM? No, directing someone else to use one isn't the same. ...and no, using one on one of those cheap CPR manikins isn't the same either.