Exactly: limiting access is fine, lack of contingencies is not.
Some systems and services still only allow for one owner though (I'm not going to name names), which can be a big problem when MFA is mandated. From what the poster I responded to said, I'd be very surprised if that were the case for them though - just slightly daft policy.
This is where tooling like 1Password or Apple Keychain that lets you "share" MFA comes into play.
It doesn't allow sharing SMS, email or proprietary app based MFA.
Email is painfully easy to share. SMS may take some tricks (again, iMessage can be useful here).
Proprietary apps are a pita.