Not quite. The PIC time illustrates an applicant's ability to command the airplane in a safe, incident-free manner. Not to minimize the role of the SIC, but the airlines that have a PIC requirement have that requirement because they want to hire people who have proven themselves to be able captains. Captain and First Officer are not the same job, although the vast majority of F/Os out there are more than qualified for the left seat. Trust me, you will understand the difference when you upgrade.
Yes and no. Being PIC without any accidents/incidents does demonstrate some minimal level of good judgement. However, outside the U.S. legacies and LCCs, the turbine PIC thing is NOT a big deal at all... Airlines like Cathay, Emirates (and Air Canada and European carriers for those with the appropriate nationality), as well as all the U.S. fractionals are all looking for Captains, not SICs, yet they hire lots of US pilots with plenty of SIC jet time and not one hour of turbine PIC- and not because of any shortage of applicants, either.
They are savy enough to have an interview process designed to cull the herd for the right PIC qualities.
If you can get turbine PIC through a quick upgrade someplace and get the ticket stamped, great-- but if not, it isn't the end of the world anymore unless you can't consider life complete without flying for a US legacy or LCC.