The AFR cycle you see there may be the catalyst test being performed... that's exactly what it looks like...
The catalyst monitor transits the AFR and times the voltage response from front O2 sensor to rear O2 sensor (it does each bank simultaneously but independently)... if the response time is shorter than the prescribed minimum then the catalyst efficiency DTC is set (P0420, P0430)... then the AFR goes back to normal control.
The trims are just kept constant during the catalyst test.