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Thinner oils outperform thicker oils in some ways because these additives are actually doing something. They do not come into actual use in thicker oils. Thicker oil does not lubricate as well as a thin film of these additives. I will stop here as this is a huge SAE topic.
Thicker oils have more problems with oxidation and breakdown. If a lubricant moves through a bearing at half the speed it gets hotter before exiting the journal. A thinner, faster moving oil cools the surface better and also heats up itself to a lesser degree. It therefore thins less than a thicker oil. This is one reason why thicker is not necessarily better.