Yes. An o2 sensor isnt just for emissions. Its used for maintaining optimum air/fuel ratio in real-time. It could also just be notifying the computer of lean operation due to some other issue like a vacuum leak...
Automobile(s): 1988 Allante' (sold), 1984 Eldorado, 84 Sedan DeVille
Re: Oxygen Sensor Code 44
Or the fuel pressure is too low which will show as too lean. The code never tells you what to replace but what system of the car to diagnose. If the sensor is original it would not be premature to replace it, but I doubt thats the issue. Be aware the filter inside the tank has a filter ( sock) that over the years plugs up with debris and eventually wears out the fuel pump. Mine did that last year with 90,000 miles on the odometer. A failed oxy sensor would normally set a rich not lean code.