Todays oils are a LOT better than the old oils and don't need to be mixed so heavily, To much oil in the mix actually causes problems because now you get carbon build up that can damage the piston (especially at the exhaust port) even Homelite had in their manuals to pull the muffler cover and if carbon was built up to pull the engine over until the piston covered the port and use something soft like wood or plastic to remove the carbon build up.
A lot of people confuse lean/rich with the oil mixture ratio. Lean and Rich refer only to the fuel to air ratio, take carborated cars for example, oil has nothing to do with lean and rich it's only air to fuel ratio and it's the same on 2 strokes as well. To little fuel either being the jet is in to far or to much oil which displaces fuel by volume causes the engine to run lean. So the heavier the oil mix ratio the leaner the saw runs and has to have the jets set richer to compensate.
Again I know it gets confusing and I was under the belief that more oil was better until I read some repair manuals that explained it to where I could understand it but Broken is correct in saying more oil makes an engine run leaner, Hopefully I explained it well enough for you to understand the reasoning behind why it works that way.