I had a similar struggle and couldn't find much wrong other than a loose fuel pressure regulator (my fault) and i replaced the O2 with a new one, part number 36531-P5P-004, this was in 2018 and although i found the email from ebay the listing cant be found and ah-car parts don't list one anymore, i want to say it was either Bosch or Denso as that's the only brands i would trust on a Honda.
Anyway the upshot is the sensor made no difference, the values were slightly different but that could just be down to atmospheric conditions at the time, in the end i went and had a new cat welded in which made a massive difference and the car flew through the MOT.
I've always had a niggling feeling that the car wasn't putting out the power it should do and after a bit of googling i learned about the intake resonator, when i had a look at it i discovered that not only was the vacuum line disconnected from the controller but the actuator was rusted shut so the whole time i owned the car it was breathing through a straw. Obviously not good, so i removed the whole resonator assembly and plugged the vacuum line, reset the ECU and took it out for a drive and it seemed noticeably improved.
After this I've adjusted all valve clearances and once again the car was noticeably improved and smoother, it was quite surprising really how much of a difference it made.
I don't know what effect the above changes have had on the emissions since the new cat as the cars been off the road and not had another MOT since, but im looking forward to finding out as i still have the readings from the last one.
I did post my progress and emissions readings so have a look and see if it correlates with yours.
viewtopic.php?f=5&t=22286
Before you go spending the money on the O2 it may be worth checking those valve clearances as other suggested in the thread, and checking the intake resonator if you haven't already.
Hope that helps.