Unfortunately you're not going to find this to be a sensor problem. Don't let anybody talk you into replacing the oxygen or AFR sensors they are not bad they are in fact doing their job. These codes can only be set once the catalytic converter is not doing its job efficiently. Unfortunately this is a very expensive repair to put factor catalytic converters on this vehicle. You could use aftermarket parts but they do not last. They are cheap for a reason. These codes and the fact that the converters are not working efficiently will not have any adverse effect on the performance of the vehicle. It will possibly bring your fuel mileage down slightly. If you had to have an emissions test in the state where you live you will need to have these repaired.
This confirms that you have a fault in the catalytic converters for Bank 1 and Bank 2. If the sensors were not working you would have fault codes for those sensors and it would be difficult for the computer to set these efficiency codes.
Yes if the sensors are out of range it will set another code for the sensors.
You made a wise choice not to buy sensors. Most people think that putting sensors in it will solve this problem but it won't..
I don't think I will be flying any 747 airplanes anytime soon. Thank you for the accept. If you need anything in the future just let me know. Just ask for, skyvisions, in the question and I will get back to you.