if you ask me the biggest benefit of changing a faulty nox sensor is getting the fuel consumption as low as possible, bad sensor=high fuel consumption. it also makes the engine run at his best, keeping wear and tear as low as possible. i would immediatly change it
You have two sensors, one before the catalytic convertor and one after the catalytic convertor. Usually the one that's gone bad is the NoX sensor which is the one before the catalytic convertor (known as bank 1), easy replacement and the part is pretty cheap.