Depends on the individual fish and tank imo. I've kept severums with smaller fish with no problem and I've seen severums and oscars together. But I won't say a sev wouldn't bully an oscar, or the other way around, just depends on the individuals imo. Years ago I bought a wild rotkeil sev that was killing everything they tried to put in the tank with it, including a jack dempsey and an oscar. But it was a small tank. Kept the rotkeil in various tanks 75 and larger over the years and he was a good citizen with all sorts of fish of various sizes (including a small ebjd).
Sevs (and oscars) can vary in temperament, but sevs don't like to feel crowded imo and this can result in aggression. If I was going to do it I'd set the tank up to provide sight breaks and give the oscar some cover while he's small.
...lfs I used to go to had a huge green severum, huge oscar, huge pacu, and large pleco in something like a 150 gal tank (been some years, don't remember exact tank size). All were totally placid toward each other.