I recently changed the oil in my Sequoia. I last changed it right before we moved into our current house....in 2018.
The Fram Ultra had no rust on it, and the insides looked like every other filter I've cut open. The oil itself (Mobil 1 0w40) was surprisingly clear, didnt smell like anything out of the ordinary, and drained out like any other oil. I drive this poor thing about 500 miles a year, if that, and the rest of the time it sits in the garage. Strangely I've put that many miles on it this month alone, due to projects and various other things. Way more than usual. The oil in the sump now will be in there 2-3 years from now, when I may get bored and change it again. Runs like a champ, the oil is still so clear I can barely tell where on the dipstick it is, and it does not burn a drop.
Would I change this 10 year old oil? Yea, more out of concern for the filter than the oil. I've been inside various engines, some of which have sat for decades without use, and found very little of anything to be concerned about. My mother-in-law's late 80's Crown Vic sat the better part of 15 years when she lost her eyesite then eventually passed. The oil in that car was over a decade old. I dragged that old beast from under her carport, flushed out the gas (actually I ended up replacing the tank), put some cheap new tires on it, new battery, and after a few hours of tinkering I fired it up. Once I was convinced it was roadworthy, I changed the plugs, various filters, one bad sensor, cleaned it up and sold it to my coworker who proceeded to put another 120,000 miles on it before the transmission quit.
If you were to do a used oil analysis on this oil, you'd probably find some moisture. Maybe some fuel if the injectors were leaking down. Probably not much else. Change it? Yea. I wouldnt be in any particular hurry about it though.