Yes, it's absolutely possible. I've seen it many times. The O2 sensor is often over-looked when diagnosing P0410 issues.

Don't worry about the wave-form. The thing you need to check is how the sensor responds to a lean condition. The test is quick, simple, and conclusive. All you need to do is monitor the sensor voltage. With the engine at operating temperature, hold the RPM at around 2,500. Wait until the voltage oscillates normally, then floor the accelerator for a split second and lift off. This will instantly trigger "decel-shut-off" (about as lean as it gets). The sensor voltage should drop like a rock. A healthy sensor will drop all the way to zero. Try this and post the results.