Yes, the results I've personally seen first hand as it was happening was more akin to pressurized oil vapors, and not oil being slung. Oil being slung obviously seems to be the only thing you've imagined, and yes, I can imagine that too, but that's not what I've been saying.
Why Isuzu didn't see fit to include a baffle plate under the filler hole in that valve cover to aid in condensate collection and drainback like I've seen on other valve covers is a mystery, but the fact remains that they didn't on the VX. Maybe the engineers at Isuzu were just giving people more benefit of the doubt at the time though since everything was so much more slower paced that far back at the turn of the millennium.