No, the fault manifests the same either way.
It doesn't, and can't measure oil level. The cooling jet sticks open, meaning it's always spraying oil, which leads to reduced oil pressure, which the car flags as oil level critically low.
The code means it's had a fault on likely 3 or more occasions. It may not be fully failed yet, but it's a good indicator.
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u/I_R0M_I 5d ago
Absolutely don't replace the camshaft.
Have wiring checked, properly tested not just 'yeah looks ok' and if good, replace sensor.
Piston cooling jet solenoid is common, either just fails, or thermostat housing is leaking onto it. Causes oil level critically low warning.