So how do you read it? In crisis what is the SOP typically?
Here you have a situation where the least experienced pilot in effectively in command of the aircraft until it hits the water. The Captain is in a position where not only is he not able to directly intervene but he has the least effective position for access to information.
To me the captains failure to exercise command authority is the final hole in the cheese. My personal belief is that had the captain relieved the PF that the PM would have made the correct nose down SS inputs in the time it took the captain to strap in. At that point the captain would have either assumed the role of PM and allowed the PF to continue with the recovery or would have taken over and completed the recovery himself.
As far as I'm concerned had the captain exercised his authority and actually assumed command immediately on his arrival to the flight deck he might have been able to avert this tragedy.