Probably, yeah...
In the case they only have read access to the token DB, and need write access, or read access to another part of the system, it becomes an attack vector.
It is not a cargo-cult measure, and it doesn't add much complexity (just re-use your password encoding logic).
The same goes for session tokens, BTW.
> [...] nor would I ever recommend that they do it.
Maybe you should reconsider that. I know who you are, and how knowledgeable and experienced you are, but in this case I think you're just wrong.