Take it to your mechanic and (s)he should be able to use a pyrometer and probe the 'inlet' and 'outlet' temperature of your catalytic converter. Based on the probed temperature difference, (s)he could tell you whether the converter if fine or not (it is simple chemical engineering reasoning, and I happen to be a chemical engineer). My mechanic did exactly that (it takes a couple of minutes or so) ~2.5 years ago when I had the same code, and indeed it turned out that my cat converter was fine, while the O2 sensor was the suspect. After having the O2 sensor replaced, I have had no codes or related issues ever since.
BTW, the dealer was getting ready to replace my cat converter, since they 'were not sure whether it was dead or not'.
Good luck!
'95 850 turbo sedan (180k miles, bought it new 15+ years ago,and it still flies like new)
'06 S60 (29k miles, bought it new, and my other half drives it happily)
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