There are hotter spots in the engine than the sump at 130degC there will be hotspots of 300degC which even a normal semi-synthetic oil will cope with.
Oils don't just break down instantly, the polymers shear and the oil loses its ability to maintain the new viscosity (it becomes thinner at high temps).
A decent race 5w-40 like Silkolene or Motul is capable of coping with these temps for prolonged periods, the consequence is shorter oil change periods are required when when excessive temps are experienced.
Send me a sample and I will have it tested, this will tell us what shape the oil is actually in and what is in the oil also whether excessive fuel dilution has been a contributing factor.
We tested a sample recently of PRO R 15w-50 that had done 1000 miles (and 5 top speed runs over 200mph) in a 800bhp Cosworth engine, it had 8% fuel dilution that had reduced the oils viscosity to around 10w-40 however this was an extreme case and the converse had occurred, the oil was overcooled and the engine had not got hot enough to burn excessive fuel off the cylinder walls.
Send me a sample and we'll find out exactly what went on with the oil.
Cheers
Simon