If I had your engine then I'd check mine... I'm wondering if that's the original or an aftermarket part that someone put on.
I'm also wondering if the connector for it is original or something someone grafted on to match the sensor. I could be wrong but white and red wires don't look right to me. I mean there are some Ford/Mercury with ONE of the wires being both red and white but a different color to ground, not one solid red and one solid white wire... that I know of. That and it not matching any Motorcraft part I can find, makes me suspect it's aftermarket. I could be wrong.
I don't have a wiring diagram for your '95 4L OHV but for my '98 SOHC the wires are light green/red, and gray/red. That same gray/red goes to several other sensors.