Things I know.
I wiped one once, started to lose an exhaust lobe in a well broken in, smog era, stock cam, OHC (bucket over valve) engine with a bucket diameter that makes most of the pushrod V8 lifters look tiny, with wide lobes to match, with a crankcase full of M1 15w50 (advertised 1200 ppm phosphorous, 1300 ppm zinc), overkill on overkill and it still ate a lobe.
Engine oil the 1960s only had about 800ppm phosphorous, without any of the fancier antiwear additives you find in modern regular oil with similar ZDDP content (800 max for the most part, now including the dual rated diesel oils) The higher ZDDP content that is often referenced came later during the smog era for reasons unrelated to wear (it was cheap and helped prevent sludge formation in the hotter running engines). 800ppm was decided on in the 50s, supposedly it maxed out whatever test device they were using at the time and was deemed good enough. It should also be noted that too much is bad, there's a point where increasing ZDDP increases wear.
Proper heat treat of the cam lobe and lifter face is very important, there were some runs of American V8s in the 70s (I want to say 305 Chevy was the big one) with tiny cams and weak springs that had cam problems, running that high zinc 1970s oil, due to heat treat issues. I suspect my Fiat built by communists also had that problem. I suspect (and I'm not the only one) that cheap imported lifters coming onto the market around the same time as the API SM spec being phased in was/is the real issue, ever notice how all the wiped a new cam horror stories only kill one or two lobes? By the time a couple are badly eaten up you would think a lubrication failure would show on all lobes.
For better performance, ramps on modern performance grinds are faster than the old performance grinds, check out the difference between advertised and .050 duration on any of the old factory hipo cams and compare to a snotty one from Comp or whoever. This means the lifter gets accelerated a lot faster with a modern grind. That probably doesn't help matters, reduces tolerance for overlooked problems, lifters not spinning, improper break in procedure, etc.
At least until recently (haven't looked lately) GM would sell you some fairly hot, assembled and unfired, hydraulic flat tappet SBC crate engines, with a warranty. The instructions that came with them just said "use a quality 10w30 oil" well into the current API SN oil era, no additives (Speaking of which, I've seen any backed by actual science with published methodology and data) no animal sacrifices, just put oil in it, start it and immediately bring it up to 2000 rpm or whatever for half an hour.
As for stock low output already broken in stuff, there are plenty of light trucks/SUVs from the late 80s/early 90s with flat tappet cams still running around, plenty of them probably live on a diet of whatever cheap 5w30 comes out of the big barrel at the oil change place.
TL;DR I think it's mostly internet lore, manufacturing defects, pushing the limits of the technology because people want roller cam performance without spending roller money, and installation/break in errors. There's no solid evidence that points at the oil being the problem, todays regular old oil (let alone the heavy duty diesel spec oils) should be quite a bit stouter than anything people were running in the heyday of the old pushrod V8s. If it isn't worn out any brand name Xw30 should do great, especially in a stock low performance engine. I prefer synthetics but that's a whole different can of half true worms. If you really want a high zin/phos oil Rotella T4 (which comes in a 10w30, I think Walmart stocks it) still has the "good stuff" at the old levels, as it is no longer rated for service in gas engines and not held to the new limit.