Not an expert on this engine but here is what i would consider
Assuming pressure switch is correct, then
1. Oil level is low or wrong viscosity
I would change oil and filter. Cut open filter and hope that there is no metal filings inside - this would be a big deal.
After oil change, does engine operate at normal throttle?
If engine operates better after oil change - watch for thinning oil indicating fuel leakage into crankcase from worn rings or a problem with high pressure pump
2. oil pump is worn, or
You may have to add a gage to get an idea of true oil pressure. Any relationship to engine speed that gives you any clues?
If this looks like a good direction, you may consider pulling the valve cover to verify that oil seems circulating to the top of the engine
Or consider dropping the oil pan and installing a new oil pump.
3. oil usage at bearings is more than it should be by bearing wear or oil blockage.
If the pump is not the issue, then, unfortunately, either you have bearing wear or blocked/restricted oil passage
4. Either oil flow is restricted at pump suction, or restrictions at oil passages. Some people flush the engine with chemicals or adding diesel fuel. Never tried it and there are plenty of comments on both sides of this issue.
Good luck