That depends very much on the exact oils used. The extra virgin olive oils we (or at least I) tend to think of for olive oil have a low smoke point. But the less delicate olive oils have a higher smoke point and can thus can take more heat. Similarly, an unrefined, flavorful sunflower oil has a lower smoke point, while a refined sunflower oil has a higher smoke point. I'd imagine there are olive oils that'll fry chips/crisps well, but we tend to see peanut oil, canola oil, and similar, just because it's more available (and when more refined, the subtle differences in the oils are less apparent).