Incorrect.

If a view limiting device is worn, regardless of the conditions of flight, a safety pilot is required. A safety pilot is a required crew member. If the safety pilot is acting as pilot in command (a legal title and responsibility), he may log PIC. The pilot who is sole manipulator of the controls, wearing the view limiting device, can also log PIC.

One can alternate PIC during the flight; half way through the flight by mutual agreement, the other pilot may assume the duties of PIC. That's not a problem, but it needs to be designated, by mutual agreement.

If you are acting as PIC in instrument conditions, you may log "actual" time," or instrument time. Whether you're in actual instrument conditions or not, if your'e wearing the view limiting device you're manipulating the controls by reference to instruments. It's simulated instrument when wearing the view limiting device, though you could log it as "actual" if you're really in the soup.

If your'e in instrument conditions and the pilot wearing the view limiting device removes his hood, a safety pilot is no longer required, and consequently is no longer a required crew member. If the safety pilot is acting as pilot in command (is THE pilot in command), then the safety pilot may not log the time as PIC or SIC. The pilot manipulating the controls may continue to log the time as PIC, even though he isn't the pilot in command.

If the pilot manipulating the controls is the acting pilot in command (THE Pilot in Command) and puts on a view limiting device, the safety pilot is required. The safety pilot is not the pilot in command, because by mutual agreement, the pilot flying is assuming that duty. The safety pilot may now only log SIC as a required crew member, during the time he acts as safety pilot.

Alternately, to look at it from another view, if you fly in instrument conditions with a student pilot in the other seat, and act as pilot in command, the student cannot log PIC as sole manipulator, and you can't log PIC even though you are the PIC. Neither of you can log PIC, and neither of you can log PIC. Neither of you can log the time.

There are times when both of you can log PIC, and times when neither of you can log it. There are times when one of you can log SIC (but not both of you), and there are times when no one can log it; all in a single engine, single pilot airplane.