The other comments are spot on with the details, but they all boil down to two things: operating margin and protection.
Operating margin is how hard the material is stressed (actual stress, temperature, shock loading, whatever) compared to how much it can withstand. Higher margins mean the material isn’t working as hard and reduces the likelyhood to break.
Protection is the stuff that slows wear of the parts…this is mostly lubrication and cooling, for engines, but can also include things like corrosion protection for the outside, sealing the electrical connectors, etc.
Operating margin is how much abuse your parts can withstand when new. Protection is what keeps your margin intact for years and years and years.
Engines fail when a part, somewhere, runs out of margin. As long as none of your parts fail, you keep running.
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