I don't see anything that would support that assumption. The glow appeared the second the egg hit him, not as he reached space. And the last time we were in space we saw that there isn't air up there like in timeless space. Planets being in timeless space would also have really been obvious on the map and wouldn't match how the floating land worked there.

Also, Farahn's bubble has a sharply-defined yellow border. Time bubbles in Timeless Space faded from white to yellow/orange. Not the same thing.

Probably just air/pressure, and any other survival stuff.

I assume he ages (and wounds) normally now, but who knows?