Fair enough, but I still find it odd that a crew member who has to be a pilot (as compared to the engineer or the hostie) doesn't log anything.
The FAA logic (as I understand it) is the pilot without the hood is PIC. So if you crash into someone or something or some airspace, it is the safety pilot who carries the can. The pilot flying logs P1 on the basis of being the sole manipulator of the controls. (which is apparently a uniquely FAA concept)
It seems the European safety pilot is along for the ride with no particular accountability or function but to hopefully have a bit of a look for traffic. (and obviously to fly the plane if the guy under the hood is having problems - else why does this case require a safety pilot as compared to just practicing IFR which only requires a competent observer.)