Single anecdote, take this for what you've paid for it:
Our old 5.4L Expedition, I endeavored to run the best oil I could in it, which, at the time, appeared to be AMSOIL's Signature Series 0W-30, which had a very low Noack for the grade. I had previously run various grades of Mobil 1 in the engine, ranging from 0W-20 to 5W-40 with no meaningful consumption to speak of.
The engine DRANK the SS 0W-30, like 3 litres worth in an OCI. I ran multiple OCI's, subscribing to the old adage you oft see repeated on here about consumption picking up with a change in chemistry, and then tapering off in subsequent OCI's.
It did not taper off and I ultimately burned something like 9 litres of this oil.
So, I ended up switching it to M1 AFE 0W-30, which was, from what we could discern of it from published data, an inferior product. The truck used zero between changes. I had the same experience with M1 Euro 0W-40 in it (this was before it was called FS).
I'm not sure how low the Noack is on the HPL Euro 0W-40 I'm using in the SRT, and JAG's decision not to publish his HPL test results due to the potential controversy it might stir up to me implies that, with this testing methodology, the lubricants didn't perform as well as he expected. If I had to guess, I'd expect the Noack of the 0W-40 is around 9%, which is pretty similar to most 0W-40's in this space. But this oil liberated material and deposited it in the filter that I didn't see with previous premium oils, like Ravenol SSL 0W-40. You of course don't get insight into that aspect of the product's performance with an improvised volatility test.
I think it's important to take information, such as this, not only in aggregate, but also in context. If you feel the results of this test are applicable to your application, then by all means use it as a guide, but if you don't, then it's more useful just as an interesting data point.