Tis true...the oil squirters are a "controlled leak". The spring in the squirters function at ~45 psi.
Keep in mind though the oil flow path...pump, filter, motor. The relief valve on the oil pump is the 1st pressure control...the cooler relief valve is the 2nd. Oil flow will follow the least path of resistance...with the relief valve in the pump, it goes back to the pan. The cooler relief, through the cooler back to the pan. The remaining pressure is for the motor...at high rpm, pressure will increase sufficiently to allow the squirters to function.
What can happen is the squirters function at a lower than designed pressure due to wear. This will rob your bearings of the oil flow they need. Since the oil pressure reading is at the block, this can be a cause of lower oil pressure on the gauge.