Agreed. IMO, most of the movement you see in drills like that is for flow after making contact. If I have contact with an arm, I can reliably do a lot that is sketchy at best when I don't already have that contact. Part of the issue in some areas of Aikido is that they've stopped training any significant striking, so they're trying to grapple with punches they should be fighting through. You simply can't Aikido a flurry of punches unless the guy is charging in with them (that overcommitment of weight), and even then it's sketchy until you still an arm.Even if the punch itself goes kind of wonky you run a risk of getting clipped.
Now if you had been fighting the guy for ten minutes and have seen him do that punch. So you set up the conditions and then hope he goes the way you want him to. And you know that if you get clipped he doesn't have the juice to end your fight. You could start pulling moves like that off.
But there are not many self defence situations where that is going to present itself. I mean look at MMA and something as simple as an overwrap of the arm. It never gets pulled off.