The bypass filter gets around to all the oil, just a little at a time. Since the full volume required to lubricate the engine doesn't need to flow through the filter all the time, the filter media can be made with a much tighter weave. It actually strains out smaller particles than the relatively coarse filter media that is used in full flow applications.

Big commercial engines like the Cummins, Cats and Detroits I made a living on used both bypass and full flow filters. The full flow caught the chunks big enough to damage the bearings, and the bypass element caught the finer particles that made it through the full flow element. A fresh rebuild probably won't have particles big enough to score bearings circulating, so the bypass is really all that's needed as long as the oil is changed regularly. Converting a 235 or an early 261 to full flow filtration is an involved process that tolerates no errors. The block needs to be stripped down to bare bones and thoroughly pressure-washed after the drilling and tapping is done to avoid contaminating the oil system with shavings. Just one or two stray cuttings will destroy bearings and score the crankshaft. Having a full-flow oiled junk engine is no advantage!

Millions of bypass-filtered stovebolts have run untold numbers of miles in the past 75 years or so. Just because some bench-racing "expert" thinks they all need to be converted to a different oiling system doesn't make it so!
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
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