Step 1: Reducing smog (Classical smog) is a mixture of smoke, fog, and sulphur dioxide ($SO_2$). It does not involve Ozone ($O_3$, an allotrope of oxygen) as an intermediate. Ozone is a key component of photochemical smog. Thus, Statement I is false.
Step 2: Photochemical smog is formed by the action of sunlight on unsaturated hydrocarbons and nitrogen oxides. While $NO_x$ contributes to it, oxides of sulphur ($SO_2$) are primarily responsible for reducing smog, not photochemical smog. Thus, Statement II is false.