Biggest issues with over filling is that it can reduce power output and foam up which reduces oil pressure.
Modern additives reduce foaming so that's not as big an issue as with old dino oils.
Oil pans are designed so the the crankshaft is never submerged, overfilling causes it to hit the oil surface and you lose a small bit of power each time a counterweight hits the oil. similar to rowing a boat, very little stress on the oar till it hits the water. The edge of a crank with a 3" stroke running at 2000 rpm is traveling at roughly 2500 feet per minute, so the slight drag adds up
It's why most motorcycles use dry sump systems, and nearly all modern cars are coming equipped with windage trays, simply to keep the oil off the cranks and reduce power loss.
A fairly common racing trick in the old days was to drain out about a quart to reduce the chances of oil hitting the crank