I am not a mechanic, but I have read some material over the years that I think is correct on the topic of a typical passenger car engine's bottom-end lubrication. Here goes:
1) Most production car engines do not have an oil passage drilled through the connecting rod to lube the wrist pin or cool the back of the piston.
2) The oil that is squeezed out of the main rod bearings at the crank is thrown all around, and is the main method to lube the cylinder walls and wrist pins.
3) The cylinder walls do not require very much oil to be lubricated properly. In fact, there is generally concern about too much oil overwhelming the oil-scraper ring. Even in racing engines, there is the desire not to force too much oil on the cylinder walls. Just a little dab will do it.
4) Most big truck engines do have pressure lubrication to the wrist pins though a drilled oil passage in the connecting rod. This oil is then forced through the ends of the wrist pins to wash the cylinder walls in oil on every stroke. Remember, these are rather low-speed, high-load diesel engines that have 20:1 compression, higher temps, and are designed to run >500K miles.
5) The rotation of the oil flying off of the crank can be extreme, causing a rotating "oil cloud" that does indeed needlessly reduce power. Also, the "oil cloud" can whip-up the oil with air to the extent that it foams, won't pump right, and damages the oil. Hence the wise use of windage trays in the best engines.
6) The "oil cloud" is not a simply described. On an old Chevy NASCAR engine bolted to a dyno in a shop, the oil cloud was observed to move around and back-and-forth like a tornado. What is it doing as we go around corners, hit bumps, etc?
7) The above applies to oil-pan sumps as well as dry-sump set-ups.
8) For a modern gas engine, with full-pressure lubrication to the main bearings, there is no case that you want the crank / rods / weights to dip into the oil in the oil pan. This will stress the oil a lot, add air bubbles, and reduce power significantly.
9) Most of us are concerned about oil-starvation, but it is also easy to over-lubricate an engine. Engine deigners have a big task to properly lube an engine!
10) My main concern is on start-up. I conclude that oil with good long-term coating properties & film strength is critcal for intial lubrication on start-up, until the oil pressure builds up.
Best wishes as you drive along!
SWS