That is my understanding!
The oil film is deposited in the engine as the fuel/oil mix passes through the crankcase. Some of the fuel will deposit on the internal engine parts, evaporate and leave the lubricating film. The rest is burned in the combustion chamber and passed out of the exhaust. 2T oil has additives to keep it from separating, and some have fuel stabilizers.
All 2T oils are not the same. For example, it is not recommended to use TCW-3 oil in air cooled applications because it is formulated for cooler running water cooled outboards and lack the high temperature protection of 2T dirt bike oil.
Years ago, I did use Mercury outboard 2T oil in power equipment and didn't have any trouble - but then again, leaf blowers and trimmers have an easier life than a dirt bike engine or motorized bike. (Unless you just like to putt around a 1/4 throttle. I think most like to drive WOT all the time!)