"Splash" is a misleading term, and the Chevrolet literature took great pains to distinguish their system, in which oil pressure from the pump is accurately directed into the path of the rod cap, from the older method, in which a scoop or dipper attached to the rod cap descends below the pan's oil level at BDC.
With the Chevrolet method, at low speed, the pump continuously fills small troughs positioned across the swept paths of the rod caps (more positive than the oil level).
At high engine speed, the oil is still under pressure as it enters the rod bearing.