If only our oil filter housings were made from plastic, the magnetic field lines would get into the oil and trap any iron particles. Since the filter can is made of steel, the field lines are captured and directed through the steel and never enter the oil. Some field leakage may occur as the steel under the magnet is magnitized, but I find it hard to believe much particle trapping is possible. If someone has done a test or demo, I stand ready to be a beliver.
If you have magnets around you should keep them on steel. This is called a Keeper. It puts less strain on the magnetic domains and will slow the natural decay of the field strength. Think of the Keeper as shorting out the magnet.
I use a magnetic oil drain plug for trapping.
Roy