I know nothing of the implementation here but presumably these namespaces can exist side by side in a way that doesn't require any "switching". If switching is expensive that would make context switching between a thread in one namespace and a thread in another namespace just as expensive?

If you have one thread in one namespace and another in another you now have to worry about what you can do in the context of a callback. This asymmetry just makes any multi-threaded program more complicated than it needs to be (and already is).