Hello,
The O2 sensor code is showing that the heater portion of the 02 sensor is not working correctly. There is nothing that can make that go bad quicker than normal. So you're assumption is correct. All that 02 is there for is to monitor the cat to ensure it is working correctly.
The other code is a lean condition code associated with the UNMETERED air entering the engine.
They have nothing to do with each other.
Also on the o2 sensor. There should be 4 wires, the brown two are the heating element wires. So just trace those to make sure there are no cut's in them. If there both cut don't worry about hooking them back up in the right order because they have no polarity.
My opinion is you need to check for what you mentioned (cut wires) and if nothing is found replace the o2 sensor.