Author here: the neat thing about Live Share in VSCode/MSVC is that both people can type at the same time, both can use the shared command line and shared debugger, and both can navigate the shared project files. Independently, of course, with each on their own color scheme and keyboard setup.
I don't want to oversell it. It's not perfect, and has loads of bugs. But the fact that we can refractor the code base with two cursors simultaneously, is actually super powerful. Often one person is typing while the other is cleaning up a typo a few characters ago. It feels like symbiosis. It's really good.
And noticeably less lag than screen sharing, too.