Designing for a single orthogonal momemt for punching shear in isolation would be like only designing a column for each orthogonal moment in isolation. Hey might work sometimes depending on how hard things are working relative to real biaxial capacity, other times not so much if you were to look at both moments concurrently.
I believe it's one of those cases you're always referring to regarding code gives you some rules, but cannot cover every eventuality and you have to apply these rules logically knowing what you know about the principles involved. To me that is considering the stresses as being additive like explicitly explained in ACI421.1. It probably helps from my perspective in making this leap because its taught this way in universities (here at least) as the way to get it done.
Now having said all that I did find this in PCA notes document for 2011 version of ACI318 (the reference it is referring to dates from 1973 though, some knowledge moves on), but it is in contrast to what ACI421.1 2020 version requires.
I freely admit the aussie way of evaluating this makes absolutely no sense to me at all having lived the ACI/NZS life for 20 odd years. I guess someone did some research into it at some point to ensure it meets the required safety indices and its another route to demonstrate adequacy.
However the lack of information on how edge and openings are accounted for in those prebaked capacity equations has me baffled. It suggests two perimeters of the same length are equal in capacity despite the potentially for the critical perimeter to be significantly different configurations. To me and my brain that seems fundamentally an issue as the stresses involved around two different perimeters have obvious risks of being quite different, yet the same capacity according to AS3600 provisions. But i guess I'm coming at it from never having used these provisions in anger to understand if they are more or less conservative than the ACI stress based approach which is obviously backed by a large body of research and testing.