Testing consistently shows lower wear rates and more power with more oil, when using conventional oils. However, that does not seem to be a universal truth. Some unique oils are intolerable at high concentrations.
I use 32 to 1 in everything. And "jet" or "adjust" accordingly.
In a past life, I was involved in some engine and oil testing. We tested all the way to 8 to 1, with increased power each time we used more oil. Unfortunately, 8 to 1 was impossible to use, due to idle and low speed issues.
On our race engines, wear rates were increased at 50 to 1 and by the time we reached 100 to 1, wear rates were excessive and obvious. Even on "boutique" oils.