Sort of, but it's not that simple.

To maintain the same power (say accelerate at the same rate from a light) you either...
1 - shift late for higher rpm
2 - shift early for lower rpm but then you'll need to give it more gas for the same acceleration

#1 has higher total revolutions of the engine, so you'll think it works the oil more.

#2 has higher pressure on the rod & crank bearings, higher cylinder pressure, more blowby & more gasoline to wash past the rings into the oil.

Overall, I bet #1 is harder on the oil, but not by as much as you'd think. #2 might be harder on your engine, as opposed to the oil.

With most engines, #2 will use less gasoline.

You don't have to go to extreme in either direction. There's lots of other reasons to choose between them, like traffic.