yes the filter does a better job of filtering the 5% or so of the oil that actually makes it through the filter the problem lies with the 95% that doesn't go through the filter. ( I may have my percentages off, but the problem is the same)
About 5% of the oil might make it to/through the by-pass filter as the oil circulates through the lubrication system (5% of the oil that passes by the port to the filter cansiter). However, over time, 100% of the oil will eventually go through the by-pass filter canister.