Wide band sensors: gasoline vs. alcohol =

The question comes up when ethanol is introduced to the fuel, and what accomodation if any is necessary, far as AF reading goes...
Down to cases:
Ethanol is oxygenated, and therefore requires less air to burn the fuel, i.e., given the "stoich" for gasoline is 14.7 parts air to 1 part fuel (14.7:1) , and for ethanol it is 9.1:1.
The O
2 sensors measure free oxygen percentage in the exhaust gas (as I understand it). The oxygen is detected by the wideband sensor and then electronically analyzed and
interpreted by a processor before being displayed as the AF ratio.
The thing making me

is that the wideband O2 sensor is an indirect reading; measuring O2 level in the exhaust, and not the actual air volume entering the engine. Adding or subtracting gasoline will result in a difference in the exhaust O2 %, which eventually results in an AF value readout -
but based on gasoline fuel calibration, methinks.
But, suppose we were to switch the wideband sensor over to an exhaust pipe of a motor running on pure ethanol. Would the proper 9.1:1 (actual) AF mixture going into the engine be interpreted by the same exhaust O2% wideband equipment as a 14.7:1??
I think maybe so (based on what I think I know about the wideband sensors and their attendant processors/calibration). Put another way, the O2
percentage in the exhaust gas would have to result in a reading of 14.7:1 in order for the actual alcohol 9.1:1 stoich to be correct
when interpreted by a wideband exhaust sensor calibrated for gasoline...NO?
One of you automotive engineering types prolly know, huh?
P.