You’re absolutely correct and I agree with you totally. Here are the wordings from the 2018 CX-5 owner’s manual on how to check the oil level:
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It says “wait
at least 5 minutes for the oil to return to the oil pan”. Yes that could be 5 minutes, or 2 days, after turning the engine off. The manual emphasizes “for the oil to return to the oil pan”, that’s the reason for waiting, nothing about hot oil temperature.
In addition, I’ve also compared the oil level measured hot and cold on my 2016 CX-5, there’s almost no difference between the two:
Hot (5 minutes after the engine turned off):
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Cold (next day in the morning before the engine start):
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That’s why I always check the oil level the first thing in the morning before the engine start. It only needs one pull on dipstick, no wipes, and the oil level is much easier to see.