Actually when you are looking at the risks here, you need to talk about the potential risk of the baby arriving breech too.
You need to consider the risk of breathing difficulties at pre 39 weeks, the risk of breathing difficulties at post 39 weeks verses the risks associated with a breech VB delivery.
The fact is that ELCS are usually recommended over and above a breech VB delivery. A CS once labour has started is not recommended. Why is this?
I would suggest that whilst there may be a risk associated with breathing, its a) still very minimal b) usually very manageable if it does happen c) the risks associated with a breech birth are higher d) there is a risk that if you wait until spontaneous labour starts there are other risks e) if you want for spontaneous labour and are not already in hospital there are additional risks.
If waiting for spontaneous labour and then performing an CS was preferable, I suspect that this would be offered and women admitted to hospital for observation - as is the case in some other conditions - rather than merely performing an ELCS.
As a rule, ELCS are generally regarded as safe for babies, although there is the possibility of complications of breathing difficulties.
There are also other things to consider here. Due to most breech births being ELCS these days there are few hospitals with staff who are experienced and adequately trained to deal with an undiagnosed breech birth which also increases risks.
I think it is alarmist to be showing all these studies about ELCS v EMCS without looking hard at why ELCS are recommended in the case of breech births and considering what could go wrong if you did want for spontaneous labour based on evidence from studies which compare outcomes between ELCS and EMCS.
Remember though studies will be comparing studies for women having ELCS for lots of reasons which will include the majority of breech births whilst the women having EMCS will be having complications which may include undiagnosed breech births (the reason why its undiagnosed is relevant) and will rarely include women attempting a breech birth as this is now extremely rare.
This will mean that the studies will carry a bias which might not necessarily reflect risks accurately for the purpose we are talking about in this thread.
It does go back to my points above about what risks are largest and most problematic rather than looking at breathing in isolation.