It indeed works a bit like that, were it not, that wear faces have to wait a long time before they get fresh oil. In fact, they always run with dirty contaminated stuff which comes from the combustion by-products, like soot and ash. With the very high tenacy oils, this contaminated oil layer is not washed away, but sticks like glue to any metal surface, ready to catch more dust and grit without letting it go. To counteract this effect, extra dopes are needed to encapsulate the dirt particles, which reduce the lubricating properties of the oil. So extra dopes are needed again to provide emergency lubrication. These often are metal salts, which above a certain degree prevent the oil from getting the ashless label.

The Belray MC1 works like this:
It will not stay in suspension if more than 2% oil is present in the fuel. Most racers therefore mix it at 1:60 or 1:80. When the fuel passes the jets in the carb, part of the gas evaporates and the mix becomes supercritical. The suspended oil particle teams up with nearby oil molecule chains, driving out the gas liquid. By the time it hits a surface, it is pure, undiluted oil that will not be washed away by a gas mist. Only drawback is the low refreshment rate.