It must be spraying the cylinder wall more than the piston
I don't think so.
There is an insert directing the spray straight upwards. And in either case if better lubrication of the cylinder wall is wanted (which I haven't heard should be a problem on Murena engines) there are better ways to accomplish this.
Does the hole line up with a similar hole in the crankshaft, so that, once each revolution, the oil is pumped through the crank shaft and out through the hole? If so where is the hole, on the up- or down-stroke? You can't se it on the photos, but is there a spot on the piston pin, where the oil spray would hit, thus lubricating it?