An oiled bearing might not spin freely in your hand compared to one fed wd40, but hot and loaded is very a different story.
Same goes for the piston, compared to the alternative options oil isn’t causing a large amount of drag, apart from the very top and bottom of travel before the piston has sufficient speed the piston is fairly well operating on the principle of hydrodynamic lubrication, that is the majority of the piston is gliding on an oil film/wedge a few microns thick, with very little actual contact.
I doubt wd40 would support that kind of lubrication, and a piston in direct contact with the cylinder will surely have more friction than caused by the viscous drag of 2t oil.
IMO this is why cheap/old school oils work well when you use ample amounts, if there is a generous amount of oil to go around then the chance of metal on metal contact is low, main bearings, big end bearings, pistons rings and the piston generate elastohydrodynamic and hydrodynamic film lubrication, going a long way to limit metal to metal contact.
If there isn’t enough oil to build up this layer of oil to physically seperate the piston/cylinder, your saw fails, again IMO this is why a cheaper oil can work at the right ratio, as the physical phenomenon of an oil layer building up between the moving parts does the majority of the anti friction anti wear work, not just the oils fancy properties.
Now (IMO) as we go to running less oil I guess that’s where super oils shine, their tenacious adherence to surfaces probably means less oil is needed to be on the job to form a physical oil film, and even when the film breaks down they are strong enough to limit wearing.