My direct answer would be NO. At steady state, oscillations are only present under special conditions. A fuel cell prefer being run in a stable mode, not fluctuating. So if the catalyst exhibit oscillations during ORR, then do not use it.
Fuel cell performance can be divided into three regions. Activation, Ohmic and concentration regions. In this only activation region performance is determined by the catalyst ... in other region the impact of catalyst is negligible.
In ohmic region - conductivity - either ion or electrons