Generation III Internal Engine - 4.15v at idle oil sensor

Hello, on my LS1 australian caprice 2000, I am getting P0523 Oil sensor voltage High. There are three wires going to the sensor. One is the power wire, one ground, and one feedback. I am getting normal 5v on the power wire and good ground on the ground wire.
But on the feedback wire, at idle I am getting 4.15v.
The feedback should be between 0.5 to 4.5volts where 0.5 being idle and 4.5 being WOT.
I am getting 4.15 at idle so its high which is setting the code. Is this a bad sensor? or something else. Will this code (which turns on the engine light) cause the car to go in safe/limp mode?

I did another type of check. I turned the engine off and left the key in the on position. So the car is still giving off 5v to the sensor from the power wire. I checked the feedback wire and its giving 4.5v with the engine off. So now the engine is off and there is no pressure so the reading should be close to 0. But I am getting 4.5volts. Is the oil sensor stuck in one position and is bad?

Id say oil sensor.....but if its the same one that is on my 04 GTO (Monaro) It's around $50 here in the USA

Yea its the same, expensive, same price here

Will a bad oil sensor cause the car to operate slowly/limp mode? I am getting hesitation and lack of power. The car shifts into all gears and runs fine. The engine light is on. What kind of problems/poor performance does a bad oil sensor cause?

I had an engine fire and the oil pressure sensor got melted.....fixed all the wiring and everything else and my car wouldn't even start....replaced the sensor and the car ran great.

When you have no pressure your "feedback" reads 5 Volts. I had melted header wiring that fused the +5 vdc & the "feedback" . My C5 dash reported no pressures & would not allow the motor to rev.