A lot depends on the design of engine; its oil pump, clearances, etc., accordingly, in case of newer engines, or engines based on newer techs., a particular and specific engine oil grade is recommended for that engine, and engine performs optimum (if not best) at that specific engine oil grade.
In case of old engines, or automobiles with old engines, in their owners / users manuals, charts may be given, temperature VS Viscosity, to select an oil grade based on outside temperature, and it basically provides flexibility.
These both are separate things, and may not be taken as universal, and its best to follow the owners / users manual specific to that make, model, model year, etc.