Hypoxia is inadequate oxygen tension at the cellular level, ( low oxygen in Your tissue) characterized by tachycardia, hypertension, peripheral vasoconstriction, dizziness and mental confusion. Example Asthma.
Hypoxemia is an abnormal deficiency in the concentration of oxygen in arterial blood; low oxygen in your blood which causes hypoxia.
So hypoxia will be worse because it’s the last stage of hypoxemia.