P0430 OBD2 Code on 2003 Chevrolet Z06: What Does It Mean and How to Fix It?

Hello everyone, I'm new to this forum and seeking help with a recurring issue on my 2003 Chevrolet Z06. The vehicle has recently started displaying the P0430 diagnostic trouble code, which stands for 'TWC System Low Efficiency Bank 2'. I initially suspected a faulty oxygen sensor (O2 sensor), especially since this code is often associated with O2 sensor performance issues. However, I'm not fully confident in that diagnosis without further testing. The P0430 code indicates that the catalytic converter in Bank 2 is not efficiently reducing harmful emissions. While an O2 sensor malfunction can contribute to this issue, other factors such as a clogged exhaust system or faulty upstream/downstream sensors may also be at play. I'm looking for expert advice on how to properly diagnose and resolve this code. Any insights or troubleshooting steps would be greatly appreciated!