I did a test by installing some test tubes in place of my 2 cats on my 94 Land Cruiser. My 94 uses wide band O2 sensors before the inlet on the cats, with a closed loop voltage of 2.5 to 3 volts before i removed the cats.
I can say that the reduction in the back pressure had an effect. First my gas mileage went up from 9 miles a gallon, to 13 to 14 miles per gallon. Then it dropped down to between 11 to 12 miles per gallon.
When the mileage dropped in hooked up my Snap On MT2500 code scanner (this scanner shows live data as the engine is running) to again check what the the O2 sensors voltage was reading. Both sensors were reading 5 volts which is rich, i think this was due to the lack of back pressure making the engine think it was running lean. This condition in my test did NOT trigger any trouble codes, so no check engine light on the dash.
So it would seem you might be correct, the lack of back pressure on a stock engine does make a difference in the voltage the O2 sensors are sending to the ECM, thereby adjusting the amount of fuel the injectors spray into the engine.