There are a few bikes which under semi-hard acceleration, will turn the oil light on. Especially if the level is low. So for them it does function a bit like a level light.
Answ: On a CB750, a gauge will not warn you if the valve train is starving for oil, due to an orifice plug. The pickup for the gauge is south of the valve gear. The gauge will only tell about main and rod bearing starving. But if the gauge is low, everything else is lower.