Yes this is. More then likely you have water in the engine. The oil light came on because the pressure was high or low or possibly the level was the issue.
I would suggest doing an oil change ASAP. However you can go out tonight and check the oil on the stick and see if it looks milky. I attached a couple guides and the last one is for coolant and oil mixing. I am not suggesting that is your issue but it just has a good picture of what the oil looks like on the dip stick when it has water or coolant in it.
The smoking was the water being boiled out of the engine so I suspect this was the issue. Try not to put off an oil change but once that is done, I suspect since it is not knocking at this point, that you will be okay. Let us know what happens. Thanks
Wednesday, January 6th, 2021 AT 6:07 PM