good question!
i was DDing a jetta until my sister took it back SO as my 99 xj is nearing 100k i figured it was time to do a complete tune up since i am going to be driving on the street again (for me switch out mud terrains for all terrains, tcase and tranny flush n fill, both o2 sensors, did cps sensor 500 miles ago b/c it went out, k and n filter recharge, new spark plugs, wires, rotor, cap, ignition coil, fuel injectors, oil change and some other stuff)
BUT
as far as i know the o2 sensors are exposed 100% of the time when your car is on and it will build up and accumulate grime, dirt, etc from motor and exhaust - thus with 170k it will only improve the performance of your engine to replace it. I feel like it is one of those things i am doing along with ball joints and u joints to make it more streetable and better on gas. Honestly i thought it was going to be a dedicated trail rig but i dont quite have enough money for a good used DD stock 4 door cherokee... i am sure someone can chime in on what i have said... as far as i know if your motor is running smooth the o2 sensor can only improve your mpg's - not by much by it all adds up in my book...