DGXR: I think it's situational, as your post suggests. For years, I ran my old Prius with the oil about 1/3 up from the fill line because someone had done some tracking and found that that resulted in fractionally better mileage. If true, that's probably a result of slightly less incidental frothing and splashing impinging upon bottom of the spinning crank, but who knows. . . Later, I just found it easier to fill and forget. I never noticed a difference in fuel burn.
There is one situation, though, where as "full as is safe" sump is a distinct advantage. That would be with the onset of a leak or consumption. If an engine starts losing oil for whatever reason, it's only x amount of time until it goes critical. The more oil you have on board, the larger the number x is.
And beside all that, this is BITOG. You won't find many folks here who either tolerate or shoot for "minimum acceptable," at least regarding oil use. Nope, I want to do the best I can for my engine. That said, you are essentially correct. Your engine is very unlikely to explode the moment the meniscus backs down a half-millimeter from the FULL mark.