Excess of oil is as harmful for an engine just as the lack of it, it would automatically burn more oil, to get rid of this excess, until the level becomes normal again.
Personally, when I had running in period, I bothered to check it regularly, to keep the level at the optimum, not more, not less.
Also oil consumption depends a lot on your driving style.
In M5 engine, if I am not mistaken, they use semi-dry sump oiling system, which means that it takes some time for the oil to gather down in the sump again, after an engine stop.
I mean normally when an engine is hot, the oil level is higher than when it is cold.
I don't think it is the case with M5, as the oil tends to gather in the engine more when working, and then after you stop the engine, it flows down to the sump again after some time.
Always better measure it with an engine cold.
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SL