I can see your point, especially about that oil can be thown out of bearings.
however
everthing depends...how often you do it and for what weather conditions.
I want this oil to splash and lubricate also metal seals, snap rings and get it inside motor and
I don't do it once in a season, more often than that. I squirt untill it flows out.

Kris King /golden standard in bicycle parts - the best/ manufacturer actually recomends motor oil for lubrication for its expensive hubs in certain weather conditions.
Check this out
page from CHRIS KING manual.
My comment above was about riding in winter.
Here what KRIS KING says about lubrication of its sealed bearings built into front hub.
They do mention Tri-flow lubricant.