If I decide to disconnect the sensor cable, does it put the engine at risk of a overheat, etc?

Question

The sensor connector is disconnected all together and the vehicle is used without the sensor.

Answer 1

Without the oxygen sensor connected you would not overheat the engine but you would use more fuel than required, The purpose of the CK ENG LT is to protect the catalytic convertor and the catalytic convertor is used to protect the environment from harmful emission emitted from the engine system. What prevents the engine from overheating is the cooling  system.