yes, i had a rabbit that flashed an o2 sensor light every 30,000 reminding me to change it. old fashoned fuel injected cars might not have any way to test the response time of an o2. (if response time is the right word).
but im reasonably sure obd2 does.
on my car for instance, there is a engine code for an o2 sensor which is stuck high, stuck low, not cycling quick enough, etc.