The Camaros were running dry sumps way back in the Grand Am days because those LS motors couldn't live without one. They had a carve out in the rules to allow it, while the Boss 302s used a wet sump very successfully.
When we went PWC racing, dry sumps were allowed, and used by everyone with a blue oval.
The wet sumps ran an accumulator that stored oil pressure, we cut a cooler line in the bus stop at Daytona, and all the blinks things didn't go off until in the banking, the driver clicked the engine, coasted into the pits, with no loss of oil pressure, according to the ECM.
An HPDE or competition car in a lower class, I would have no issue with a decent wet sump, but ultimately, especially with low or no oil pressure engines, the dry sump is the way to go.