Not so much. As far as I know, the downstream sensor's purpose is to make sure the cat is doing it's job. If the upstream sensor isn't doing it's job, the ecm will "know" because the sensor will not react to changes in fuel trim.(mixture) The ECM will perform tests on the system while you are driving under low load conditions. One of the tests is to intentionally provide too much fuel to the system, and see that the O2 sensor "sees" the increase. Another one of these tests (that not all systems perform, not sure about the cherokee)is to monitor the readings from the pre (upstream) and post (downstream) O2's, and see that there is a drop from the front to back. This tells the ECM that the cat has a sufficient OSC (oxygen storage capacity) to perform it's job within specs. I have heard that the post cat O2 has some effect on fuel trim in some vehicles, but am not sure about that. The upstream O2, MAF/MAP, ECT and TPS have the greatest influences on fuel trim.