Yes, a pilot monitoring is supposed to make sure the aircraft is handled properly. He didn't so everybody died.
In the case of this particular PNF and PF, I suggest (as others may have done) that there was a marked personality disparity between them. From what I have been able to deduce over the past 4 years is that the PF was of a dominating personality, and this factor is possibly more involved than any other (except lack of CRM) in the outcome of the flight.
Over in the R&N Memmingen thread a couple of days ago, Yankey Whiskey made mention of "gliding experience" being possibly a prerequisite in preparing pilots in how to handle the 'too fast and high' events. I responded with reference to this AF447 event by pointing out that this PF did have gliding experience, but take heed of what he did. Neither did the PNF do what you have suggested he should have.
Both posts were deleted.
Their presence in that thread was likely at odds with an otherwise seemingly rational discussion on CRM and how it should be handled in an approach to a possible TOGA situation.
Edit:: The last two paragraphs are not factual! My recollection of when I made the post was somewhat confused by something ...