It has nothing to do with the level, unless that gets so low that the oil pickup can't suck in any oil. Then you're really in trouble.
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Reminds me of a customer I had when I worked the pumps at a full service station in the 70's .......... a customer with a Chevy Vega. The Vega was a real oil burner. They burned oil as they were driven off the showroom floor.
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I checked the oil and it did not register on the dipstick. I reported this to the customer - and her reply was that the 'light did not come on' - and that she was going to 'get it changed anyway'.
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I replied 'The engine or the oil ?'.
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Speaking of the Vega, it appears GM did not learn their lesson well - 20 years later, the Saturn engine is another oil burner.