Yep. Oil and fuel are the life blood of a 2-stroke. A good quality oil that properly coats the engine internals is essential to avoid excess wear of bearings and cylinders. Correct flow of fuel and oil to each cylinder is an absolute necessity. So its not about the oil getting burned in combustion it's about making sure your engine has a long life.
Octane also is vitally important depending on engine specs. High performance engines with high cylinder compression must have gas with the higher octane to avoid pre-detonation and piston/head damage. If you have a car with an HO engine that calls for high octane fuel, but you choose to save a few dollars and run lower octane fuel, the car will run but will eventually experience a major engine failure in the form of melted pistons. The cost savings might not bite you immediately but it will eventually catch up with you. The same is true of cheap 2-stroke oil. It might be okay in the short run, but eventually the lower quality will result in excess wear and failed internal components.
The question is do you want to save a few dollars each year on cheap oil and spend a bunch later on an engine replacement or rebuild, or.......spend a little extra now and have an engine that will last for years and years? Only you can answer that question. Lets assume you go through 2 gallons per year. At $30 per gallon, the semi-synthetic Evinrude oil will cost you $60/year. The Cheap Walmart Super Tech TCW3 oil is about $13/gallon ($26/year). So it would be a $34 savings if you went through 2 gallons of that versus the Evinrude stuff. When the cheap oil finally catches up and requires an engine rebuild the bill will be about $2,000. How many years do you need to save $34 each year to equal that $2000 rebuild cost?.......answer is 59 years. So how does that $34 savings look now?
KJ