Yep. Though when I was referring more to a denser wall assembly when I said more stout. Even 5/8" panels direct to studs sound & feel cheap to me, where a thinner panel over ply or OSB sheathing has more mass.
I agree the flashing integration is really the key advantage to a double wall assembly.
We've flashed direct-to-stud panels & windows with Z flashing, but it's kind of a pain. There are a couple options for windows & doors that have brickmold or similar exterior casing.
Either install the window first, tight to the framing, & flash the head to the header. Then cut the panel around the installed window & seal the perimeter as normal.
The other option is to install the panel, but leave a space at the head of the window opening for a piece of trim that gets installed after the window. Install the window, again flashing the head to the header. Then slip a piece of head casing with Z flashing attached to it into the space left earlier, being sure to slide the Z flashing behind the WRB.
This method allows us to trim windows & doors as normal, with a head casing, 2 legs, & a sill. The only difference is the head casing needs to be thicker than the legs by the thickness of the siding (assuming the legs will be installed over the panel). It also provides for 2 points of flashing at the heads.