It’s not a sensor problem. The OPDA has turned (not likely but possible) or the cam &/or OPDA gear (or both) has worn enough to retard the sensing wheel to throw the code. Usually after warm up it will throw the engine into “limp home” mode & limit the RPMs. Better check the OPDA, if the gear breaks you will have a lot more problems. If you wait for another code it might be too late.
P0016 -- Crankshaft/Camshaft Timing Misalignment -- A rationality error has been detected for camshaft position out of phase with crankshaft.