DTC P0420 = Catalyst System Efficiency Below Threshold (Bank 1)
You can drive it but it would be wise to have the vehicle checked out as soon as possible. Putting this off could cost you more in the long run. If you have other codes preceding code P0420 fix them in order as they come up before you attempt to fix P0420.
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Yes, DTC P0420 refers to a catalytic converter that is not work properly. It doesn't hurt the engine/safe to drive, but will fail for above exhaust emission.