Hi there,
in total there are 4 O2 sensors, two on each bank, 1 before the converter and one after.
The code you refer to is as you stated, bank 2 sensor 1 so this is the first O2 sensor on bank 2. Sensor 1 is always the sensor before the catalytic converter. Here is a diagram, it's the first sensor on the bank closest to the radiator.
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