Speaking from the point of a former interviewer, if a pilot claimed on an application to have XXX hours of PIC, only to find out in the interview that they were logging that time as PIC even though they were not the person that signed for the aircraft, it was game over.
That happened a lot back in the day, unfortunately. Often times pilots defended with "I was told that I can log it under XXX FAR".
These days, pilots are largely excluded from interviews, and they are primarily conducted by HR types that don't understand the nuances of real PIC vs logged PIC...thus, we see a lot of pilots claiming to have certain times but in reality they don't. This becomes clearly evident to us during training.
I've always said "Log what you can, but be prepared to defend it". If you can legally log PIC, go ahead and do it if you'd like...but don't put it on a resume or application as PIC if you didn't sign for the aircraft. Your logbook, your business....but if you come to an interview with me, it becomes my business.
Perhaps 20 years as a Captain has made me jaded...but my SIC time was all logged as such.