From the peanut gallery...the guy is splitting hairs. If he was going to stay put in that type of fying that's one thing, but passing yourself off as having been a PIC when you are in fact NOT in command of anything, is just lying. You can delve all you want in the lawyer-type interpreting of the FAR's but a lie is a lie.
Yet everybody in aviation except, apparently, you, is well aware of the difference between logging PIC and being PIC. So the fact that you log it as PIC does not imply, suggest, or otherwise claim that you were in command of the flight. It's not a lie - everybody, including you, has PIC time in their logbook when they were not the PIC - and if you don't believe me, look back at your complex checkout.