Have read a bunch of papers that show that the oil in the ring belt gets depleted of anti-oxidants in it's stay there...which is tens of seconds at 200-250C, and bathed in reactive blowby gasses.
It makes sense that a larger sump, with less trips to the ring belt would/could have a longer life...all other things being equal.
Your logic is sound, but I firmly believe that your 5K oil in the 5qt sump is nowhere near exhausted at the end of the 5K...say it's only 50% "done", which is reasonable, then the 3.5 is good for 7K, and 5K is still safe.
BTW, your OEM has designed it that way, and while they are squeezing the fat out of the margins, they are still largely going to fall on the safe side of things.