Dipstick is more accurate. It is a mechanical device that measures the height of the oil.
It operates the same as a measuring stick for drums, or other containers with liquids. These are used for all sorts of liquids from plain water to fuels and oils. These are used in many industries from military through to industrial, mining, commercial, and even home use.
The amount of oil in the system is not critical. For all practical purposes.
The height of the oil matters much more. A low oil height may cause starvation of the oil pump under extreme conditions. A high oil height may cause the crank to splash the oil causing the oil to become aerated.