If THAT was happening, you'ld be blowing coolant from the bottle and probably overheating. It's not common and I've ONLY seen that on 850s where the owner damaged the radiator from hitting something, cracking the plastic side tanks, lost alot of coolant and severely overheated the engine by driving it low on coolant (red radiator light on too).
THAT condition can be properly diagnosed by using a "block tester" which any experienced engine tech has. It detects carbon monoxide in the cooling system.
The O2 sensors only detects O2, not carbon monoxide. There's many reasons why a check engine light can be on but cooling system problems usually isn't one of them unless it's overheating or the ECT (coolant temp) sensor is NG.