I can't speak for everyone, but datapoint of me:
I wouldn't, at all, be able to be in the mental space of "this episode is the third episode in the continuity of 1 2 3, the second episode in the continuity of 2 3 1, and the first episode in a new set". It isn't the same thing, practically. Between viewings, you can do a sort of "mental reset" but if theres no "between viewings" and the viewings are in fact simultaneous, I just don't think its feasible to experience an episode as 3 different points in a chronology at the same time.