Is this likely
a component failure in process
Possible...but not always.
The ECM is seeing sensor values it doesn't like....hence the intermittent CEL.
1-Wildly fluctuating engine temp signal being sent to ECM can cause this. Check ETS connector for condition and ETS harness for chafing. Historically, a known problem.
2-Ground is being interrupted somewhere. Check them all and in particular, the ECM grounds.
3-You FAILED to mention rideability issues, or lack thereof. If active CEL immediately preceded by cooling fan activation...it is always a failed ECM ground.
4-This condition is typically NOT a failing O2 sensor or intake seals. NO mention of AFV value during this horrific experience. TPS reset 10% of the time will resolve this. Worth mentioning.