Monitoring & Intervention is important in promoting Graceful Degradation of "effective aircraft" (System + crew), so it's necessary. But to "work", depends on many factors.
You need capable PM. Sometimes very capable PM. A possible flaw is too much savings in PM preparation. The concept is valid, necessary. The requirements are sometimes, high.
In "Black Swan" scenarios the concept likely will not work. Despite to be valid.
Will think first based in what we have (factual info) on AF447.