The Freeze Frame is keyed to the lamp. That is, there is no Freeze Frame stored until the lamp is requested. The parameters stored are specified by California ARB and EPA, they are not all parameters related to the DTC. Instead they are a single snapshot record of the driving conditions when the lamp was requested. They include things like vehicle speed, coolant temp, engine load, engine speed and such. Very general, not specific to Catalyst or O2 etc. There are many on board diagnostics that can request the lamp - known industry wide as the MIL, Malfunction Indicator Lamp - specified by California ARB & EPA.
GM does make an additional snapshot available. That snapshot is called a Failure Record. The Failure Record is snapped on the last setting of the DTC, regardless if the lamp was requested. Sometimes there is more information than the Freeze Frame that is intended to help technicians. Once again it is not expected to isolate a fault, but rather capture the driving conditions. Additional data is often things like the number of miles traveled since first fault and last fault.
So in your P0420 case the EMS requires two consecutive failures to set the lamp. This means two trips where the diagnostic finds a fault. This is known as a type B fault. A type A fault sets the lamp on only one fault. So in your case if the EMS finds a fault it will set the DTC to history and stores a Failure Record, the lamp is off. Only on the second consecutive diagnostic that fails is the lamp on and a Freeze Frame stored.
In summary the Failure Record has the driving conditions when the DTC last set. The Freeze Frame has the record when the lamp was requested. The Freeze Frame will not be replaced except by Misfire or Fuel Trim DTCs. It will be cleared on ECM or TCM DTC clear. Each ECM can have only one Freeze Frame and up to five Failure Records.
I think that is enough for now. There is a lot more, exceptions, special cases etc.... Post your questions and if I can help, I will. All these data require a scan tool to retrieve them.
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