I'd be concerned that this would not hold very well. Do you have any scraps available that you can experiment with in this regard?

It looks like we're seeing the orange peel texture -- or the "bubbles" are between the high spots in the textured wall. Stick and peel wallpaper came up here recently and I recall reading that textured walls should be smoothed before using it.

If it's truly a air bubble I would poke as small hole with a pin and then try and smooth it out. You don't need wallpaper paste since the wallpaper already has a adhesive.

I've recently installed a peel and stick mural on a textured wall (it is a nature scene so it's not a bad effect). I worked bubbles over to the seams with a wadded up washcloth.

If you cut or poke a hole to release the air, like Izzy says, no glue needed.

Use a thin needle. Put needle in on an angle. Gently push air out.