IIRC, the second number in the multi-viscosity oil is what the viscosity of that particular weight of oil at 100 degrees C (212F). This is probably an important number. I
suspect it is a reasonable target for most auto makers to shoot for so they knew what oil weight to recommend. The difference between 5W-30 and 10W-30, for example, make
no difference at operating temp if it were at 212F. The difference is the viscosity of the oil as it warms up from cold - and depending how cold it gets (are you operating from a cold start in the arctic, vs cold start in the Middle East).
Amsoil has a good tech article discussing this without going too in-depth
here.
Upon my reading some other forums, BITOG, and other technical publications, I believe 220F is not bad for a daily driver. It probably is actually ideal to ensure any gasoline that entered the crankcase from blow-by and a rich-mixture start gets evaporated quickly preventing it from ruining the properties of the oil. In my totally unprofessional, loosely self-educated opinion, I believe oil temps in the ranges I asked about are perfectly fine for long intervals (I've been running 7.5k mile OCIs with Pennzoil Ultra Platinum and a Fram Synthetic filter [both are top tier products on BITOG and other reviews]). If I was racing this car on a track and keeping the oil temps up in the 250+, I would do one of two things - run a heavier weight oil (10W-40 or 20W-50) since at those temperatures it will be too thin otherwise -OR- run an oil cooler (and still probably go 0W-40 or 5W-40 oil).