I don't know of they update them since my Silverado was produced- but that thing was 100% mileage based.
It didn't matter on service hours (the dic has an engine hour meter) or conditions. I drive a lot of highway but had a couple months I had 50+ hrs od idle time baked into my oil cha ge interval. No difference in the oil change monitor at the end of my normal mileage interval. When in fact it should have reduced it fairly significantly. 50 idle hours = 3500 miles at 70mph on the highway. Or 43% of my normal interval of 8000 miles.
Just some data based on my service logs.
If you really wanna know how your oil is doing - send a sample into Blackstone labs. $30 and you'll know how your oil is at the end of your interval, if you're experiencing unusual engine wear, or if you can extend your interval.
I've got 150000 miles worth of data on my rebuilt 5.3. I consume <1pt of oil in 9000 miles and Blackstone says I should be able to go 11k between service even without a filter change based on my current data. I started with a 5000 mile interval and let testing tell me what was right. I use Mobil 1 5w30. No extended service, no high mileage, jaut the regular stuff.
I average around 50000 miles a year so I have never hit the months time of an oil change.
That said....
I've always looked at it as oil changes are cheaper than engine changes - so follow the miles or time, whichever you get to first, and change it. Your engine will thank you.