Sure if you're running remote oil lines and tracking the car why not. This isn't exactly a common theme though and there are a number of better options to prevent that occurring as opposed running a light and hoping you spot it. Most of the remote oil hoses I've seen blown are poorly done, non redundant, have no restriction valves and are poorly or never maintained. Either way a light wont give you the blow by blow run down of your oiling system. A first start up for example might be above the threshold but below the ideal, it may not push the best practice 10PSI per 1000rpm. You'd have no idea without a gauge aside possibly noticing a noisy valve-train or other components
I had an oil pressure guage
And yes, a line failed, but it would have been the same if my oil pump lunched itself, but you cannot miss a bright red light
I'm all for oil pressure gauges, but if whatever your using doesn't have a inbuilt warning light, that is hella bright, and in plain view, your oil pressure readings are only good for logging discrepancies, not warning you of immediate loss of pressure.
At high RPM you might get a second or two to get off the loud pedal before you melt bearings, if you constantly look at your gauge then you may be fine, me, when I'm "up it", I'm looking at the exit, next corner, or my rear view, not down at the gauges, but as long as your flashing gauge or warning light is somewhere in your ?proliferal? (spellin..) vision, your going to instantly notice it
If you are going to monitor something critical like oil pressure, having an inbuilt or remote warning is good engineering practice
Well, that's how I look at it