Not quite. The lambda sensors will only adjust the mixture when the system is operating in closed-loop mode, ie at lower rpm's and smaller throttle openings and even then only if the fuelling requirements are within the parameters of the OE map in the ECU.
I've had three R1200GS models to date and they have been coming out of the factory with increasingly leaner fuelling. I originally fitted a full Remus system to my '04 bike and it ran well with a significant performance increase. Fitting the same system to my '07 bike resulted in higher exhaust gas temperatures and a warning from my local dyno guy that he'd seen some dangerously lean air/fuel ratios on '07 bikes. '08 onwards bikes are reputedly fuelled even leaner. On my my current '09 bike I've only fitted the Remus exhaust can until I can have the bike run on the dyno and a custom map made up for the Power Commander which I've now acquired.
I think those folks who fit full, de-catted systems, to the later boxers without, at the very least, running the bikes on the dyno and having AFR's checked may be tempting fate.