If the order is
oil pump, pressure sensor,
oil filter, cooler, back to engine the pressure will read higher as the filter and/or cooler resistance increases (false reading).
If the order is
oil pump, oil filter, cooler, pressure sensor, back to engine the pressure will read lower as the filter and/or cooler resistance increases (true reading).
It's best to have the oil pressure sensor the last guy in line before the oil goes to work. If the sensor is in front of a filter or cooler it will read higher than the pressure experienced by the engine. The more resistance in the filter the higher the reading (a bad thing). Given enough resistance in the filter (clog) or cooler much of the oil will flow through the bypass while the pressure reading will be quite high. Flow, however, will be quite low.
Bob