Fault codes never say to replace parts. They only direct you to the circuit or system that needs further diagnosis. Most crank sensors have a 5.0, 8.0, or 10.0 volt feed wire, a ground return wire, and a signal wire. The feed and ground wires can be common to multiple sensors. Some crank sensors use only two wires. They still work magnetically but a pulse of voltage is induced directly into a coil of wire and there is no other circuitry to amplify the signal like there is in the three-wire sensors.
While it's true you will indeed find a defective sensor at least 50 percent of the time, you are just as likely to find a corroded splice, cut wire, or stretched or corroded terminal in a connector.