The Check Engine Light (CEL) or Malfunction Indicator Light (MIL) will be on. You’re unlikely to experience any noticeable driving issues, except for the MIL. This is because the downstream or post-catalytic oxygen sensor does not affect fuel delivery (this is an exception for Chrysler vehicles). It simply monitors the effectiveness of the catalyst. Therefore, you may not notice any engine problems.
The given OBD code is common for many car brands, including Renault, Kia, Skoda, Hyundai, Volkswagen, Ford, Mercedes-Benz, BMW, Nissan, Toyota, and others.