nope there is nothing that advanced. There is nothing that tells oil level unless it's too low either. Until this issue there was never a need to be able to check that. As you said it's the algorithms programmed in based on knowledge of oil break down based on engine conditions.I don't believe any kind of oil chemical analysis takes place over time/miles inside the motor and is read/recorded by a sensor(s), then forwarded to the ECU. Code readers/scanners basically display info from the ECU/computer.
Auto mfgs use complex algorithms, to determine when its time to change oil based upon a whole host of info like temps, miles, throttle positions, rpms, engine loads and on and on and on, but I don't believe oil chemical analysis inside the motor is one.