It may show other codes as the PCM is not getting the right info it needs to make the car run properly.
As far as the CAM sensor taking over if the Crank fails, I don't see how that would work. IIRC when the CRANK sensor fails the motor will shut down, seeing as how it cannot send a signal to the rest of the car which dictates timing, fuel, iginition firing, etc... How can a car run without knowing which cylinder to fire and in what order? On the other hand I learn something new everyday, so maybe this is my new lesson???