The fallacy to this argument is the belief that the oil is a deep pool in the sump, and as such must reach the boiling point in order to force a phase change in the submerged water. The reality is somewhat different; the entire contents of the sump is circulated about 4 times per minute in cruise. The vast majority goes to the bearings. It squeezes out the sides of the journals and is flung, smacked, and whacked into a fine mist by the reciprocating and rotating parts, which Newton's 1st guarantees will end up as a thin layer on the crankcase walls.