I have been systematically getting rid of varnished surfaces on our boat. It looks good when pristine, but looks shabby when it starts to peel and is kind of a pain to restore if you let it go too long. With oil, we do a deep clean in the spring and usually one or two other light cleans throughout the season. We just do a bit of oil here and there as it occurs to us. Surfaces we walk on don't get oiled.
A previous owner covered all of our toe rails and some other previously beautiful wood with some stain/sealant combination that just completely took away the natural beauty of the wood grain, giving it the appearance of simulated wood grain panelling from the '70s. Then, they varnished over that ... I guess ... and eventually let that go.
Before:
After a bunch of sanding, scraping, scrubbing, and oiling:
The lighting in the photo isn't great, but the wood maintains a nice satin sheen. It is still definitely aged wood, but at least it no longer looks neglected and it only takes maybe an hour per year to maintain.