On the contrary, if there are simultaneous turns(which you have if there are two companions beside each other), Its useful in multiplayer if you know that your companion is preparing a spell, or a dash, or a skill... before moving yourself. And if they have a "channeling" animation you know he/she`s going to do something.
It's useful to know when a team member has actually done something, but if you are flitting between possible options the way Swen was playing the game, maybe less so? I suppose it depends on what other shared communications you have.
You would also have to be viewing the same world-space as your team-mate to see what their avatar is doing, which is not forced on you in BG3. I wasn't looking for MP hints, so I didn't notice if the potential activities were reflected elsewhere in the UI; the portraits would be an obvious place to show status and activity, I suppose.
Right now you could only take simultaneous turns when you are near your ally. So you´re seeing them because you're together. If all players could move at the same time it's useful to know when the others are preparing a spell, a skill or something like that to avoid friendly fire. The "channelling" animation could help with that.
When the team member already cast the fireball, entangle, grease... while you are charging, it's not useful to see the animation and you already know because you´re already burning, or entangled. You want to know that he´s casting before you charge...
Or you want to know your teammate is dashing, or misty step near the enemies so you do not hit him/her.
I know in an ideal world the players will communicate before doing something but you know how MP is in real life. Right now in the portraits, there´s a big "crossing sword" indicating that you are in combat or out of combat, but nothing else that indicates what you`re doing.