If there is a transformer or a ferrite cored inductor on the circuit board that lies in the presence of a static magnetic field then that can alter their electrical characteristics.
We ALL lie in the presence of a static magnetic field. The Earth has a significant one. Driving your car in circles does not affect performance.
Further, all current carrying wires are surrounded by a magnetic field. If there is an alternating current in the wire that is in the presence of a static magnetic field, Then the wire will be alternately attracted toward and repelled by the magnet. This can set up a physical vibration that can induce secondary unintended electrical currents in the wire as a side effect.
The wire will also be attracted to the steel in the car. Being that you've created an electromagnet with ZERO windings, the magnetic forces exerted on the wire will be similar to the electrostatic forces it experiences due to the capacitive coupling with the vehicle frame, i.e. negligible. Each time the driver breathes, the vibration will move the wire more.
However, O2 sensors have a very slow-changing voltage -- essentially DC, with very little current...
I suppose you have never seen the output of an O2 sensor on an oscilloscope. They are most certainly not DC.