This subject has been commented on extensively by Smokey Yunick. When the oil foams, the air stays in the oil for some time.  Racers use special catch cans to remove the air.  Dry sumps are used to remove the oil from the engine so it can spin freely.  Windage trays are installed to keep the oil away from the crank.  The crank whipping in the oil is where both the aeration and heat come from.   Part of the reason for a large sump in a race car is to give the oil "hold up" time for the air to escape.  Yes, more oil solves some problems, but, if not designed properly, can aggrivate others.
Mark