generally speaking, a flashing Check Engine light is not normal.
The light will blink quickly if the ECM can't read the eprom. This can be caused by a bad socket, bad chip, or water damage in the ECM.
That said, there are a couple aftermarket chips that will blink the light as part of an advanced feature that has been built into the chip.
These features include: "launch assist", a shift light, or a knock warning.
Determining what chip you have will help to determine the issue.
Note, I have never seen an O2 sensor cause this. I have seen a bad battery cable, along with old engine mounts cause issues, as the battery cable gets pinched on a hard launch. In these cases, the car shuts off momentarily and the Check Engine light turns on for a second.
Note also, if this is your first turbo Buick, that these cars are maintenance sensitive. Make sure the important parts are in good working order before beating on it or you may end up fixing it before having a chance to enjoy it.
(most important parts include boost control hardware)
Bob