I'm a renter, and was asked to do this by the place I rent from. It's not a hard fast you have to do this rule, but more of a this is what we would like you to do. They have about 15 or more newer Cirrus. I was a little skeptical until I did it on a hot engine. The cap is obviously hot, I undo it, pull the dip stick out a couple inches and a steady 'waft' of steam rises out of the filler tube. As I said before, it is impressive and does this for about 5 or more minutes.
I take the airplanes fairly frequently on overnight trips. Sometimes after a longer ride, I'll need to use the facilities or be otherwise distracted and forget to pull the cap off. The next day I'll get to the airplane, pull the cap to check the oil, the filler neck and dip stick will be covered with water. The filler necks and dipsticks on these aircraft used to have a tan oily emulsion on them, that doesn't happen anymore. This is across the engine types, the continentals, I0-550, IO-360 and the Lycoming IO-390 .
As to why the steam rises out of the filler, I suspect it's because heat rises and this the high point on these engines. I'm pretty sure Cirrus routes the breather to the bottom of the cowling. So without the active pressure of blowby, whatever steam is left in the engine after shutdown stays there.
I get the skepticism, but until you try it out, you won't know.