I'd recommend that people pick up the Applied Tribology book by Khonsari for some good basis.
There is a hydrodynamic wedge formed by the self-acting pumping action in the bearing.
Pressure and backpressure are important in oscillating loads because they create a time dynamic for lubricant to flow out, allowing for a higher load carrying capacity.
The localized viscosity of lubricants increases with pressures exhibited in bearings. That's neither a flow or lube pressure issue, but rather an external pressure issue (Boosear, 1995).
The finite time it takes for a lubricant to flow away from two surfaces closing in provides a substantial amount of inherent load carrying capacity, even in absence of a hydrodynamic wedge/sliding motion.
So the reality again is that it is a matter of having just enough viscosity to remain in the regime of hydrodynamic lubrication, and that amount becomes less and less as the surface roughness on well-finshed parts improves. If everything had a mirror polish, the viscosity requirements would be far lower than stuff that has a micron of surface roughness.
Under heavier loads, assuming that the fluid cannot be excessively easily displaced, there will be a natural cushioning. Without shock loads, the hydrodynamic wedge need not be excessively large, so the viscous requirement can drop.
However, oil is also utilized as coolant. So given that the viscosity will continue to drop with localized temperature, I believe the hypothesis on flow is more to control localized heating and viscosity drop, because with thinner lubes there is less freedom and room for error. It's an approach towards "optimum" versus having an n times overdesign. Of course, closer to optimal, without overdesign, the closer you are to going out of optimal conditions. Given that less viscous fluids flow better than high viscosity fluids, it is a natural synergy that is self-protecting in these conditions where typical engineering overdesign is being ignored for the sake of hitting a theoretical optimum of some sort (or enabled by improvements in one of the many knobs to turn).
Just my 2c.