'code with me' is more about pair-programming or code review in my eyes.

Thats what I was thinking. Like is it better than say a microsoft teams meeting looking at code? It would be nice if I can just call a teammate and we can talk on the phone but see stuff in the IDE.

It should work well for the second scenario, with the benefit of both being able to manipulate the code in real time.

I did play around with https://code.visualstudio.com/learn/collaboration/live-share when it was in early beta and it wasn't too bad.