Not always, sometimes at WOT the air fuel mixture is Richer than 14.7-1
also during the instance lets say your fuel mixture doesn’t richen up during acceleration on a normal car you will get stumbling and missing like the car is being starved of gas… then as you let off the throttle the missing and trailer hitching what ever you want to call it settles, this situation of leaning out during acceleration can be caused buy a MALTITUDE of issues not just a bad o2 sensor, and if you are having these issues you should have a engine light, and in this case i would plug a scan tool in and see what kind of codes pop up to narrow things down.
in a high performance engine that has high compression or low amounts of boost this can cause knock, running lean on a engine with really high compression or really high boost is VERY BAD! as stated before in the least this can cause spark knock! which can “Chip a piston.” or burn up exhaust valves and valve seats! in extreme situations with really high boost with turbocharged or crazy supercharged engines literally melt the pistons!
these issues can be caused buy a maltitude of things… things that give the PCM readings and then the PCM makes adjustments to the engine.
a faulty MAP sensor. (Manifold air pressure sensor) that detects the amount of vacuum or boost.) if this is faulty it can cause a lean or condition or a rich condition because manifold air pressure is used to tell how much fuel to put into the engine
a faulty MAF sensor. (A faulty mass airflow sensor) this is used to detect the amount of air flow going into the engine, this is used to tell the pcm how much fuel to go into the engine, if this is bad it can cause a lean condition or a rich condition
a faulty TPS. (A faulty throttle position sensor) can cause fuel system issues if you put the car at WOT and it doesn’t detect that it can cause the engine to lean out and die, but can also cause shifting issues with the transmission because this also tells the transmission to hold higher RPMs between shifts if the throttle is wide open with a automatic transmission
a falty O2 sensor. as described, the o2 sensor reads air fuel mixture by varing voltages and sending it to the PCM, but in this case the engine would just run horribly
low fuel pressure. Commonly caused by a clogged fuel filter or wearing out fuel pump, as the engines demands for fuel go up the fuel pump cannot supply enough pressure or flow, it leans out, the engine is starved of fuel.