Yeah, grade sensors are simply not practical.
But, estimating contaminants to judge the need to change an oil is possible. Some BMW sensors measure a dielectric current of the oil and compare it to a dielectric constant to determine the contamination of the oil...but, viscosity is a bridge too far.
That said, my BMW engine oil level sensor seems accurate enough. OR, perhaps it's simply stuck at FULL and I'm lucky to not be burning a significant amount. I put 5.25 quarts in, it reads FULL, and 5000 miles later, I drain 5.1 quarts out, when it is still reading FULL. I don't squeeze the filter media dry...that's where the 0.15 missing volume must be. B-)