Thank you for replying. Since this feature doesn't work quite the way it is represented I thought it should be called out before people install a bunch of Core servers thinking they can switch back to GUI at any time with no hassle.

I didn't notice this in my labs because I keep it offline and didn't bother to update. I discovered it when I installed a Core DC at work for more PowerShell practice, updated and then decided to try adding the GUI back and found it doesn't work.

Ian,
My apologies about the delay in getting to your question!
Both you and the episode are correct in your descriptions. NIC teaming allows for a single VM to have a single Virtual NIC but be able connect to multiple NICs. This means that even if a single physical NIC fails, this wouldn't cause the VM's virtual NIC to fail! So this is cool!
As long as you're not using the SingleRoot IO Virtualization (SR-IOV). SR-IOV connects directly to the virtualization functions on the physical NIC. So this means that if you're using this, your VMs do not take advantage of the NIC teaming provided from your OS network stack at the Management OS. Put differently, SR-IOVs don't see the NIC teaming.
This setting shows that both you and the episode to be right! It allows the VMs to use all of the SR-IOV adapters, This means that the VMs will see 2 Virtual NICs and use them both for the purposes you've stated.
Cordially,
Ronnie Wong
Host, ITProTV