Can a faulty O2 sensor act like bad transmission

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Out of the blue my car started sputtering and kicking real bad, it will also suddenly Rev up like it's un neutral then kick and go again. It doesn't happen all the time, but does happen frequently. It happens typically when accelerating, but sometimes when maintaining speed, and usually around d the 20-30 mph points. There were no signs of issues till is suddenly just started happening. I'm assuming it's a bad transmission, but I went to Autozone for the check engine light test and it found a bad 02 sensor. Could this bad sensor mess with the fuel-to-air mix and cause this behaviour, or is that unlikely and most likely a bad transmission? Car is a 2009 Toyota Rav4, 4 cylinder.