A faulty Sensor or the wiring to it won't cause the sounds you are hearing. You have additional problems to sort. Give us the vehicle history to include the most recent maintenance, accident or repair issue entertained.
It look like i have to much advance getting me some knocking noise, and i got po327 more or less the same time... the noise look like an old hydraulic valve lifter that don't have enough oil pressure. A bit like a faint diesel noise. I don't have misfire condition it look like a bad firing advance setting like if you turn a mechanical distributor until you are starting to getting knock.
Only issue is the AC doesn't work... and I lost the ambiant temperature sensor, probably related. No crash, no oil leak no other problem than faint knocking and Cel light on and po327 on my OBD2 reader...
For the ambient temps sensor, lost the one behind the bumper, changed it today, rusted in the plug, needed to get a plug at the crash-yard.
For the knocking... it cease like it came this afternoon, cel stopped, erased the pending code and it doesn't comeback for now... still don't know where the sensor is, but for now, look like it cameback to life, lol.