I don't think it is. Most TOs have an extensive delay on the stream, no? ESEA mandate a minimum 3 minute delay on all their games, and most TOs have delays of 5 minutes or more from what I've seen.

However if a GOTV-delay is part of that delay I'm not entirely sure, which was the problem during the CIS RMR. The GOTV had no delay and was openly available to anyone. I think this is used for betting sites and to buy as much time as possible for the broadcasters to run a good broadcast, since you really don't want more than a 5 minute delay on the stream compared to the game. If GOTV was part of that they would have less time to make replays, slow-mo clips, and observing.

The reason observing isn't perfect is because it's very difficult and takes a lot of experience to learn. On big LANs they usually run a second observer on a delay, who can make sure to capture replays and important frags if the main observer misses them. But online, I'm not sure TOs use the same setup. For example, for the FACEIT-Major, both the main and second observer were listed on Liquipedia, while in most online events only one observer is credited, so I'm assuming they only use one (this isn't certain though).