If folks are interested, I recently published a paper [1] demonstrating that fMRI activity in the visual cortex is remarkably high-dimensional! Specifically, using a linear approach (like PCA, but slightly fancier), we find that stimulus-related information is present along many, many dimensions of the neural response---much more than previously expected/reported. [1] https://journals.plos.org/ploscompbiol/article?id…
Hasn't fMRI as a whole been called into question? https://www.nature.com/articles/s41593-025-02132-9
MRI is, in general, a lot harder than people often imagine. It uses complicated physics to measure convoluted physiological changes to indirectly measure brain activity, which is obviously stupifying involved--and then relate that to other, often complicated factors like behavior, lifestyle or disease state.
I think it's reasonably well-known that the BOLD response is complex and doesn't directly reflect "average" spiking activity. Some studies find that it's sensitive to the amount of synchrony (=more neurons firing together in time) rather than the rate. The paper you mention shows another dissociation: neurons can get more fuel by extracting oxygen more efficiently OR have having more overall oxygen to extract at the same rate. Thus, it's not noise, but it is complicated.