I use EV Olive Oil for dressing salads and stuff, Regular 2nd pressed oil for roasting & frying and Pizza Dough.
Also, for cakes, Duck Eggs > Hen's Eggs. True story.
As for the oil in the cake, it's partly that most olive oil's are too 'nutty' flavoUred (even light) and they are too low-temperature oils for an even bake.
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"I started out with nothin' and I still got most of it left" - Seasick Steve