The other end of the wire in the connectors should be attached to the ECM/PCM/ECC transistor 'base' where the signal is fed/amplified and compared to ???. The reference voltage is 'modified' by the sensor, and fed back. The receiving end of that feedback has circuitry, likely including capacitors, resistors, etc to process the signal. The connection would definitely not be at ground, given that the computer has battery power applied. OTOH, if the key is OFF, I have to wonder a bit.
As long as it works, I'd not be concerned as I am not an electrical engineer nor designer. The guys that designed the EEC-IV/V systems knew what they were doing.
Is there a specific problem that urged the inspection of the return lines?
tom