Just wipe it on with a rag, let it sit for a few minutes (15 minutes) and wipe it off. Let it dry over night before adding a top coat (if you intend to add a top coat).
It is not going to "soak in" as the top layer of plywood is very thin so any more coats is a waste of time and oil.
Dipping it is a waste of time and oil also. Don't worry about all the "little tiny holes" unless you want to take a cotton swab and spend a few minutes wiping the inside of holes in plywood. No one will ever notice or care if there are some "bare places" except you.
Rog