There is essentially lttle difference between ozonated water and water with drops of H2O2 (Hydrogen-Peroxid) in it. Ozone made from pure oxygen is a much purer form of oxygen though, since even food grade H2O2 (Hydrogen-Peroxid) has stabilizers in it to slow down the out-gassing process of the nascent oxygen from the water. Both have the same effect in the body.
With any oxygen therapy it is advisable to have the sewer system (lymphatics, skin, kidneys and colon) working well before doing it. If the elimination channels of the body are not up to snuff the toxins eliminated from the oxygen therapy will have nowhere to go and can result in greater feelings of dis-ease than before starting. This typically is called a healing crisis.
I believe ozone has gotten a bad rap because it is unpatentable. No money can can be made from vested interest groups so instead for many generations it has been discredited both by medicine and by Science and huge amounts of money have been poured into this process. It is also largely misunderstood because of the generations of faulty scientific "study" that have been done to discredit it. Doctors in the past who chose to go against the accepted common "knowledge" have had their licences revoked and have been persecuted for their actions.
Watch this video and you'll understand at least partially what I mean.