In the short term, it would be better for the more experienced developers to be more productive, because their time was worth more, but eventually the experienced developers will leave. If new people aren't trained to replace them fast enough, the system becomes unsustainable.
There are several other areas where eliminating certain activities provides short-term productivity gains at the expense of long-term cohesion. All hands meetings about company direction can be delayed for a month with no negative impact, but if I skip all large company meetings for a year I'd have a much harder time prioritizing tasks (it's unclear which contribute directly to the company's long-term plans and which are busy work) and no idea how to route serious issue only tangentially related to my team.
It's entirely possible there's a looming but currently well-hidden pipeline issue companies are anticipating and trying to avoid.
But, if you're starting out, it's a pain in the butt. When to ask questions and who to ask. Where to get guidance about what, and code reviews have to be done in person. They're super intimidating already (for me anyway). Meeting a core group of people your age at a company is important, as well. That's where you spend so much of your time and those social interactions can't be ignored. I keep in touch with people from jobs I worked at 20 years ago. They will help your network in life and career in the future, and that is all being stunted..... sorry. Got off track. But all important issues, depending on what stage of your life/career you're in.