It's not what authorities 'feel' or 'want' or how they 'see' things.
It's how the rules are written.
Under FAA rules you can log PIC when you have a PIC type rating on the aircraft.
So when the Capt is asleep in the bunk and you are "at the wheel" you can legally log PIC.
So can the Capt, even asleep.
Previous airline I worked for logged the PF legs as PIC in their records.
So the FO as PF would be logged as PIC.
However, this is not what they ask for on applications or in interviews.
Then only your 4-stripe time is PIC.