212 is the boiling point. It removes moisture, fuel etc., much faster from oil, especially in stop-and-go traffic when oil sometimes does not reach operating temperature.
The cooling system should be designed in such a way as to deal with load without problems. Oil temperature in 230-240 under load is absolutely not a problem and a cooling system should be designed to keep it there.
If the intent is to keep the temperature that low bcs. load, the question is why it is a problem to design a cooling system that keeps oil temperature in check under load. Others do it.
Water starts to evaporate above 32F, there is absolutely no need to bring the oil to the boiling point of water to start the evaporation process. Besides, the water is emulsified in the oil, it will not start boiling as if it were in a kettle.
Also, we're talking bulk oil temps here, meaning the mains, the rings, the oil squirters etc. will see a lot higher oil temps locally, which may lead to varnish, caking etc.
The issue could also be where the actual temp sensor is located on different engines, hence the big difference in oil temp readings.