Check engine light came on and code read indicates failing catalytic converter. Vehicle has 225,000 miles on it, so not sure it is worth replacing the catalytic converter. Any major reasons why I can’t continue driving it as is?

 

If it continues to clog ist can have bad results.
Overheating of engine, Misfires, high back pressure, Slow or no starts, big power loses and huge mpg drop.

Other than replacement which isn't hard on that model you could try 2 bottles of Cataclean in a half tank of fuel or as the bottle instructions say.
I've had about 75% success with it on customer cars.

The AP/Eastern are OE design and somewhat affordable for a cat.
https://www.rockauto.com/en/catalog/...converter,5808