Where does the shield go if it's not equipped? Usually, it hangs on the character's back, or it should. Now, in most video games, that shield that's supposed to be there isn't shown, but it should be.
So? Having a heavy wooden object hanging of your back doesn’t exactly help you - if anything it should add negative AC. By the same token an unequipped weapon might do damage to an attacker cause “hey, you turn around and the mace smacks an enemy in the balls by accident”.
If you don’t have something equipped, it should not be a factor in combat. Switching weapons should be limited. I would prefer an ability for more loadouts, rather then forcing one ranged and one melee.
So a shield only works if it's on your arm? There is a big difference between having a wall on your back, and a weapon on your hip, but I suspect that you know this already, right? I mean, I can see a shield providing protection in real life, even if it's just on your back. Flanking attacks will have to deal with that being there, after all, and here, we're discussing a fantasy game, where that shield might have magical properties that could apply, to a greater or lesser extent. This is, however, why I believe it should always have been shown to be on a character's back. That way we don't have this "but when I unequip it, it goes into this magical space where it might as well be in camp" mentality.