On the DC8 an experienced PFE/SO could be an asset because there were always some glitches popping up that could be fixed if you knew which (unrelated) C/B to reset. Also there were some bizarre electrical and fuel problems which could baffle a newbie. Like me. I enjoyed my time on panel though I'm glad it was short. Flying on the DC8 was like working in a museum and I appreciated getting a taste of it.
On most of the overseas carriers, isn't an SO a cruise pilot? With the U.S. carriers the third/fourth pilot in augmented crews is still called an FO.