I'm pretty sure the system worked the way you're describing it at some point in the past, but somehow that changed. The issue was discovered by a developer (dividuum) who was playing around with mc4p's authentication module (which uses a random client token), but I was able to reproduce it with vanilla clients (with different client tokens).
As we discussed on IRC, the real issue here is that only access tokens of the same account should be invalidated when logging in with an identical client token. According to my testing this is however not the case.
Login as sadimusi
curl https://authserver.mojang.com/authenticate --data-binary '{"clientToken":"123","username":"[email protected]", "password": "*****"}' -H "Content-Type: application/json"
{"accessToken":"5abf8027e9e549af9c1d551d21f9c559","clientToken":"123"}
Login as D0L4
curl https://authserver.mojang.com/authenticate --data-binary '{"clientToken":"123","username":"D0L4", "password": "*****"}' -H "Content-Type: application/json"
{"accessToken":"4b6205354c5a4903a6c16c5b38d5d79a","clientToken":"123"}
Validate D0L4's access token
curl https://authserver.mojang.com/validate --data-binary '{"accessToken": "4b6205354c5a4903a6c16c5b38d5d79a"}' -H "Content-Type: application/json"
Validate sadimusi's access token
curl https://authserver.mojang.com/validate --data-binary '{"accessToken": "5abf8027e9e549af9c1d551d21f9c559"}' -H "Content-Type: application/json"
{"errorMessage":"Invalid token","error":"ForbiddenOperationException"}
I did some more testing and found out that it only happens when using the (optional?) agent field:
Login with first client
Login with second client
Validate second client's access token
Validate first client's access token