I have a MY2018, and although I won't comment on whether it's an oil or coolant gauge, I have noticed a difference in cooling profile when driving in different modes.
I actually find it useful to drive around in Comfort Mode for a while, to warm the car up. Then after I'm past the first notch on the gauge I'll switch to Sport+ for more spirited driving. I noticed that I can't get it higher than that first notch, especially out of Comfort Mode. And if I switch to Sport or Sport+ it actually goes down to around that first notch after a couple of minutes of driving.
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