No, I don't believe that to be the case. Even though the non-handling pilot is PIC, the FO is a rated pilot in their own right so doesn't need monitoring in the same way as a student.
In most multi crew ops, the handling pilot monitors the auto pilot and the non handling pilot keeps an overview, but gets on with other tasks aswell.If the handling pilot is flying manually, then it's a different scenario and the PNF's primary task is to monitor the PF.
In essence it's like having 3 crew on board if the auto-pilot is in.
It is complicated if you want to make it so, but unless I get some guidance from the Belgrano saying I'm doing something wrong I see my interpretation as being correct.