From the article I read interviewing a Cosworth engine guy, he spoke of oil analysis being very advanced as you say, but at the same time they would like to be able to crack open engines all the time as oil analysis is only one tool.
Having particles of an oil ring (random example) might tell you that your oil ring is deteriorating, but it doesn't tell you which one. Knowing which one can point to a bad materials batch and subsequently disqualify other oil rings from being used. Rebuilding an engine between races can also tell you things that are not discovered in oil analysis, such as a faulty bolt or other part not withing the lubrication system.