Here is the result that catches people. Take an aqueous live sample and image 50 µm deep into it. Compare a 1.4 NA oil objective against a 1.2 NA water objective. On paper the oil wins comfortably. In practice the water objective is very often better, and the gap widens the deeper you go.
The cause is index mismatch. Oil at 1.515 is matched to glass, but your specimen is essentially water at 1.33. Every ray crossing that boundary refracts, and rays at different angles focus at different depths — spherical aberration, growing roughly in proportion to depth. At the coverslip it is negligible. At 50 µm it has spread the point spread function enough to give back the resolution the higher NA bought, and dimmed the signal along with it. A water objective is matched to the specimen, so it does not accumulate the error.
Which reframes the selection rule. Match the medium to the specimen, not to the lens catalog. Oil is right at the coverslip and for cleared or mounted samples with matched index; water is right for live aqueous work at depth; glycerol sits between and suits many clearing protocols.
A lens with a higher number on it can produce a worse picture, and this is the commonest way it happens. Oil matches glass but not living tissue, which is mostly water. Light crossing from one to the other bends, and rays arriving at different angles end up focusing at slightly different depths.
Right at the coverslip this hardly matters. Fifty micrometers in, it has undone the advantage entirely. A water lens is matched to what you are actually looking at, so the error never accumulates — which is why the lower number frequently wins.