Yes, engine oil has a higher thermal capacity and will take more energy to heat up than the engine coolant. Another reason would be because the coolant is designed to cool around the cylinders from the heat produced during combustion and the engine oil, for the most part, is cooling and lubricating the rotating assembly where much less heat is naturally produced.
Oil has a higher thermal capacity, but much lower heat transfer rate. Salt water is about the best you can do for cooling. This would corrode like crazy, so we run straight water with a surface tension modifier/pump lubricant like Water wetter or the VP stuff.
If you have a cooling problem with a car, it's almost always that the real problem is the water is too hot. Ideally on a Coyote, you'd be 80-85*C water and oil in range of 100*. Oil is *much* less sensitive to running temp than water.
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