Not only oil life, but interior motor condition as well. For the sake of discussion, let's pretend to do a drop test on three different motors.
Motor one: My 1993 Ford Taurus 3.0 v-6 with close to 160,000 miles on the motor. I bought the car at 130,000 miles and previous owner changed oil every 3,000 miles on Mobile One. Since I've owned it, oil has been changed every 5,000 miles on whatever dino was on sale. 30,000 later, oil still looks good on drop test paper towel.
Motor two: My 1995 Olds Cutlass. 3.1 V6 with 146,000 miles. From what I can gather, car started life as a rental. Fellow I bought it from readily confessed he changed the oil when he "felt like it." Changed oil when I bought it and drop test revealed a very black and thick oil. Changed again 1,000 miles later. Still, very black, but not so thick. Continued to change (using cheap dino) every 2,000 miles afterward and noticed each time, drop test reveals a clearer and cleaner oil. This tells me motor is become cleaner and I can extend OCI on Olds.
Motor Three: My 1950 Case model DO tractor. From what I can gather, original motor. Even if I change the oil once a month, (which I did for a period of time several years ago to try to clean the interior of the motor), a drop test reveals an extremely dirty engine. If I didn't tell you it was oil, you would swear it was black paint. The results of this test was to finally convince me it was okay to use my "used" oils from other vehicles in this old tractor as top up oil, (I still change with fresh every six months).
So no, it's not "scientific" - but it does serve, (in my opinion) as kind of a "sight glass" into the interior of the engine.