11 year SUV -- how many kms on the car? Catalytic converters can and do wear out over time, and having 11 years to kill one wouldn't surprise me one bit.
Generally speaking, OEM cats are not necessary. I've only installed performance high flow cats (and exhausts) on my cars, and never had any problems with them before. However, I have read that with certain cars, high flow cats are too unrestrictive for the stupid sensors, and that causes the ECU to throw another CEL.
You can certainly still drive with the code on, and if you don't give a damn about anything, it usually isn't a show stopper either (ie. you won't damage anything else). But in the name of being a responsible vehicle operator, you should definitely get the vehicle repaired properly. Having no cat / non-functioning cats releases a tremendous amount of pollution compared to having a functional cat.
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