I highly doubt that it was the exploding planet that took Vegeta out. If Saiyans had the capability to breathe in space, Frieza likely wouldn't have resorted to destroying Namek. His intention for trying to get rid of the planet was likely in hopes of getting Goku to suffocate.
As for Vegeta not taking Frieza down while holding his breath, in the midst of such a crazy event, I don't think any fighter would be in the right state of mind to quickly manage such a task. Between the confusion of trying to gather what's happened, and suddenly being surrounded by the depths of space, I would assume even a fighter of his level would be in terrible shock.
Saiyans Living Through an Exploding Planet (RoF Spoilers)
Moderators: Kanzenshuu Staff, General Help