Drivable short-term, but fix now to avoid damage.
This code means the transmission control module detected an electrical problem in the output speed sensor circuit, so it isn't getting a reliable reading of how fast the output shaft is turning. It often comes down to a failed sensor, damaged wiring or connectors, or contamination from metal debris in the transmission. Repairs usually involve testing the wiring and replacing the sensor, which is often fixable without a full transmission overhaul.
$150 – $450
Varies by vehicle and root cause.
For short trips, usually yes, but you shouldn't rely on it. The transmission may shift hard or drop into limp mode, which can be unsafe at speed, so get it inspected as soon as you can.
Most repairs fall between $150 and $450, depending on whether it's just the sensor or wiring repairs are needed. If a control module is involved, the cost can be higher.
It can be. It affects how your transmission shifts and may trigger limp mode, so while it's often a simple sensor fix, it shouldn't be ignored.
Many vehicles use the same output speed sensor to drive the speedometer, so when it fails the speedometer can read incorrectly or stop working entirely.