I suppose you're right, but the reason that's generally advised against is so people don't run stupid stuff without thinking while root. I'd guess you're less likely to do that if a peer is watching.
> Doesn’t that encourage using sudo in interactive mode rather than elevating for just the required commands?
It might, but policy could specify not allowing interactive mode for situations that dictate a two-man rule. Violation of said policy would necessitate a review and possible HR-related action depending on how serious the company wants to treat things.