Pretty much all party-based cRPGs have some system of party management where you can access everyone's models and inventory simultaneously, and rearrange your party composition: original BG games, NwN2, DA, PoE, Pathfinder. So BG3 not having anything along those lines is indeed yet another major way in which Larian has done a poor job with this game so far.
All those games let you change companions in and out all the time no matter what act the game is at. In bg 3 that wont be the case. So they think they don't need it just for one act.
My main feedback is that Larian should NOT kill/remove companions at the end of Act 1. At the very least, not arbitrarily "everyone not currently in your party dies" like in DOSII.
But if they are set in doing that, I still think it's necessary to add a party selection screen and/or the ability to access everyone's inventory while in camp, even if just for Act 1. Also, theoretically we can hire mercenaries in Acts 2&3, enabling us to have a party size that is larger than 4 and thus bringing back the need for everything discussed above.