It only poses a problem if you get a stiff wind like a hurricane. The siding isn’t nailed off except on the ends and possibly in the middle, not like the manufacturers recommend. During the last 4 or 5 hurricanes we’ve had a great many people found out their was done exactly like this one and they lost all the siding, opening up the attic to incredible lift once the wind and rain gets inside. Basically the same as losing a garage door, often results in the roof blowing off. Its another way to shortcut and short change the buyer. Most of the time the sheathing is referred to as “shear wall” and for a reason.