Diving with a buddy (which you should absolutely always do) in good weather basically reduces risk to zero as long as you don't get too far away from each other. The chances of four regulators failing (two main, two octopuses) are close to nil.
Also, of course, tech diving, typically below 40m, can also severely limit the ability to emergency ascend to the surface without injury.
Diving in low vis, spear fishing, or confined spaces don’t match with having a dive buddy. But they do match with redundant air supplies and other safety measures I mention in another comment.
Also unless your buddy is literally within arms reach at all times, they are not a redundant air source.