Not really. Better than having no oil, but not as good as using the correct oil. Your vehicle uses 5w-30, synthetic (BMW, Castrol, Mobil 1, other name brand..)

Are you checking the oil correctly with the dipstick? Vehicle level, at operating temperature (properly warmed up). Turn off engine. Wait several minutes for the oil to drain down. Then check the dipstick, seating the dipstick fully when you put it back in to get the level.

If you aren't following the above procedure, that could explain why your dipstick readings don't match your sensor readings. It is also the reason that BMW stopped using dipsticks, because most drivers couldn't or didn't use them.

If you are checking the oil properly, then get the sensor checked out. It can read incorrectly if there is too much moisture in the crankcase, for example from doing lots of short trips and having condensation build up. The sensor can also fail, just like anything else, and the wiring harness can be a problem if it holds moisture (external to the sensor).

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2007 X3 3.0si, 6 MT, Premium, White

Retired:
2008 535i, 6 MT, M Sport, Premium, Space Grey
2003 X5 3.0 Steptronic, Premium, Titanium Silver
2002 325xi 5 MT, Steel Grey
2004 Z4 3.0 Premium, Sport, SMG, Maldives Blue