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I assume "High mileage oil" refers to oil that does not need to be changed for a "high mileage". What might be called "long life oil".

The point is not that it's better, or worse, for the car.

The point is that it lasts longer.

This means it does not need to be changed as often.

This means the car will use less oil during it's life, generating less toxic waste (Used engine oil is "Very Nasty Stuff"!) to be re-processed.

TO sum up, it's not better for the car, but it is better for you, me, everyone else, and the planet we all live on. There are oils that are formulated for high mileage engines.

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Q: Is high mileage oil better for your car than regular oil?
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