I think it makes sense. To extend your metaphor, you can do things such as turn on the radio without noticing a performance difference between the two cars.
The idea with Photoshop is, sure, loading the entire thing will take much longer, but users tend to use one tool at a time, and loading an individual tool shouldn't take anywhere near as long.
It also makes sense from the point of view of parallelization. One example of an extremely slow operation is waiting for the user to click on something. So instead of sequentially loading things, followed by the user deciding what to do, Photoshop should continue loading while the user decides e.g. what brush size and color he/she wants.
Like any other, this approach has advantages and disadvantages - it would indeed be frustrating if the brush tool hadn't loaded by the time you started using it, and it would probably require a lot of work for Photoshop to load so modularly and on-demand - but all I'm saying is, I understand the value in the alternative he suggests.