If you shut down a tank in sidemount you have lost that tank; effectively you have just lost half your gas.
Not quite correct. The tank can be easily opened and closed with a minor twist of the wrist. Which needs to be practiced, of course. Hardly any gas goes wasted. I know as I did it. This of course only applies to 1st stage or 2nd stage free flows and some flooding problems of the regulator. A ruptured hose will make the tank unusable or cause great gas loss. In that situation a back mount system has benefits. Unfortunately, not all back mount divers are able to operate the valves, or at least they are not able to operate them fast enough. Two minutes to close the valve -> not cool.
But it is not the gear that kills but our minds.
Just plan for the foreseeable hose rupture and CO and you'll be fine. It would suck to die because one was too lazy to carry decent reserves.
Unless needed for the task don't dive SM. Why would you want to?
Because, you should learn and practice sidemount in open water, not in a cave. Another reason is that entanglements are easier to deal with. And anyone diving solo (I know that happens) would be safer with independent tanks. And it feels better. I can bend my back and pull and carry things under water. Great for certain project aware dives... Some people have physiological reasons, too.
But yeah, there are reasons for side mount as there are reasons for back mount, no mount and rebreathers (that kill).
The BM system can compensate for one divers' SAC being higher than the other, a SM system can't.
True. But this was accounted for in the planning, wasn't it? Using 1.5xSAC and 1.5x Exit time in contingency calculations is a good thing. In addition to the thirds, quarters, fifths, sixths and other rules of thumb.