I've always wondered if an oil cooler would make a noticeable difference in engine temp as seen on your gauge. In which case that would be handy if you tended to run a little hot to start with.
It will indeed pull some heat out. I always used some form of oil cooling racing in rally. And I ran lighter oil weights to help the circulation rate to help that heat extraction even more. I can only say it helped; I can't say how much.
And if you are racing any form of endurance racing, you can readily see that keeping the temps down will slow the rate of oil oxidation (breakdown characterized by blackening of the oil). I am not sure how much you will see that in a few passes down the strip.
And some turbo engines use oil squirters directed at the under side if the pistons to remove heat from the pistons.