Nope, that's a catalyst inefficiency code. If you are catless you'll get this code, also maybe with headers. If your car is stock up to the cats it's possible that one of them is bad.
Not likely. The catalyst efficiency is only checked during steady throttle driving after the engine is warmed up (i.e. highway driving). If you're beating on it or the engine is cold it's in open loop and the ECU isn't looking at the 02 sensors.