Yes,1095 is a water quench steel by category,due to the need to bring the temperature down very fast. In the thicknesses used in knife making, oil is more than fast enough, and will greatly reduce warpage. The hardness will be nearly the same. You adjust the final hardness in the temper cycles, so the final hardness will usually be exactly the same for an oil quench or a water quench.
When you hear that an oil quench didn't make 1095 harden the culprit isn't oil....it is the TYPE of oil .Most smiths who have been around 1095 a while use fast oil, Heatbath/Parks #50 ,or Fastquench will bring 1095 down past the nose quick enough to be glass hard.
The real problem in 1095 is cracking and warping. The stress created in those fast cooling quenches can literally rip the metal apart. When water quenching ,hearing the PING is part of the learning curve. If the blade warps, straighten it immediately .....before it gets to 400F.Once the martensite transforms, any attempt to straighten the blade will result in it breaking. Temper immediately after quench to avoid accidentally breaking a 1095 blade.
It is a good idea to make a cardboard template from each blade you grind, prior to HT. That way if the blade breaks, you can grind another one the same. If the final blade is a good shape, you have a template to make more of the same. When working in 1095 this can be a good idea!
Stacy
FWIW: the order of quench speed from fast to slow is:
BRINE
WATER
FAST OIL (#50, Fastquench)
REGULAR OIL (AAA)
AIR