O2 sensor switch counts are a function of engine rpm. Faster rpm produces more lean/rich changes and more O2 sensor switches. I don't think switch counts mean much in terms of performance. The rise/fall time when a rich/lean mixture is encountered is supposed to be 300ms or less. I've never seen one this slow in lookig at the 6 cars I try to keep maintained. I monitor O2 sensor w/ an OBD2 scanner/monitor package (software + laptop).
I ran one O2 sensor 80K miles in a Plymouth Voyager, removed due to "reminder light" and stored. I later wired the same sensor into a 90 Accord and ran another 100K miles. The Accord ran fine the entire time w/ commuting mileage a constant 25 mpg.
They do go bad, but how to determine a weak, subpar O2 sensor is not clear. I suspect a ton of money is spent replacing perfectly fine O2 sensors. It's a nice piece of business for gaarages as they mark up the expensive part by 100%.