Short answer - Yes
Long answer -The O2 Sensors provide the feedback to the Power Control Module (PCM) of how efficiently the engine is running. Depending on how much O2 (Oxygen) is present in the exhaust before the cat (catylytic converter); the PCM adjusts the air/fuel ratio. For the sensors after the cat, the signals are used for the catalyst monitor system (CMS).
When the O2 sensor is broken the PCM goes into a open loop fuel control mode that should get you home but is not responsive across the broad range of driving conditions.
My car is a 91 with only one O2 sensor which I just changed this a.m. If you provide the code the more newer model folks can help. Is the vehicle in question the 92 in your avatar?
