The display reflects the coolant temperature, it is a direct measurement of the temperature. The oil temperature will eventually warm up to an acceptable-ish temperature, but still not to the temperature it would be if the thermostat was working correctly. You also get reduced performance as the timing/fuelling maps differ when the car is not up to temp
20 minutes? Mine takes about 5 minutes, 10 at the most if its cold outside, and usually less than 3 miles to show 90 on the gauge
As I said, me personally, I would get it fixed and not drive it hard.... but then again my car doesn't ever see boost until the gauge is firmly on the 90