All of that sounds unfortunately correct. Oracle "sunsetted" further development on z/OS at version 10.2. Apparently they do support that still, and I imagine you can still use the 10.2 client (including Oracle Access Manager) on z/OS to connect to a higher level server off z/OS, but I can't say for sure.
At our shop we used to be a VSE shop, where Oracle hasn't been supported since the 80s. We used IBM Infosphere Federation Server in between DB2 for z/OS and Oracle to facilitate our Oracle access. It works well enough, but it's not ideal. We continued with this "paradigm" when we migrated to z/OS.
You are the only shop I've ever heard ask about this (other than us). "Apparently" everyone else who is/was using Oracle Server on z/OS has either migrated to DB2 on z/OS or they are just staying with the back level z/OS Oracle. Or something else, but I've never heard the something else other than what we are doing.
If you have any pull at all with Oracle I'd love to see them support client-side Oracle on z/OS, even without server-side.
fswarbrick