I think yawning is when the body needs more oxygen... It's associated with sleep because when you don't get enough you can fall asleep? Not entirely sure, but yeah xD
That wouldn't make any sense as we need more oxygen while exercising and you don't see people yawning while exercising really. It's only when we are like tired and bored that we normally yawn.
That would be because when you're exercising you're breathing pretty heavily already. I looked it up, also, and it said that it is to bring more oxygen into the blood.
"A new study has suggested that the reason we yawn has nothing to do with tiredness or boredom, but actually works in order to cool down our brains and help us think a little clearer." I think except for when we see another yawn.