This isn't a fix, at most it's a band aid to try and clear a code, your cat will still be bad and overtime will likely develop lack of power especially at highway speeds, decreased gas mileage, etc, unless it's collapsed instead of plugged then you'll probably blow it out the tail pipe, and wonder why because you have no codes. However if you have the 2.0l and it's collapsed the is a chance of debris from the cat ending up in the turbo and taking out the turbo.
So basically drive it with the code and save up for a new cat.