In Volvo's Drive-E 4cyl direct injection engines (the T6 is all-aluminum, turbocharged and direct-injected), when refilling the coolant, it is highly advised to use a vacuum coolant bleed tool instead of conventional filling to avoid air bubbles. When you replaced that sensor, maybe did you accidentally allow air into the cooling system? Did you use a vacuum coolant bleed tool to get rid of said air?
The pattern you show, if the sensor is OK, then it indicates rapid heating and cooling. Various things can cause that. For instance, you can have 'cavitation,' which is when the liquid that's supposed to flow in a pump turns to a vapor at low pressure, and occurs because there is not enough pressure at the suction end of the pump. An air bubble big enough to let the impeller of the pump spin in gas (coolant vapor, air, etc) rather than moving liquid coolant would do just that. Jostle things a bit so that the pump can pull liquid and then things (your cooling system) cools the sensor off again until the gas bubble cavitates the pump again... and again... and again. Or it could be there is an electrical problem at the senor or its wiring - the speed of the fluctuations hints that such might be the case - however, if so then I'd expect the temperature shown to hit some certain asymptote; the peaks or the valleys would all be about the same, and the frequency would be more or less in alignment with the make-and-break of electrical contact. I don't know for sure, I have not worked on your car, but that's what I'd expect.
This being the case, without the vacuum coolant bleed tool, more replacements may not fix much. If you're not familiar with this tool already, no worries. You should be able to buy or borrow one locally at an auto parts store, and here's a link to an Amazon page listing a bunch of them:
Amazon.com : coolant vacuum refill kit. On some such engines I understand there are workarounds for not using such a vac tool (actually you need "shop" compressed air to run it) but I'm not familiar with those workarounds either.
What say you?