I disagree. If the company in question is large enough having documentation that you were actively trying to avoid disaster, were competent enough to raise concerns and suggest solutions, etc. can be helpful when people come trying to assign blame after the fact.
If the company as a whole will survive the impending train wreck then having evidence of competence, however meager, is certainly useful in many situations short of criminal prosecution.
I've been on a lot of projects. Where a paper trail seemed warranted, those who came to assign blame had already chosen their targets without consulting with them first.
Admittedly on one of those occasions, the effect wasn't immediate -- the manager in question basically rage-quit the conversation. But she put a lot more thought into getting confrontational in future disputes.
(Although I have to clarify that this was a fairly dysfunctional environment (and had been for a while), due to which I figured getting things in writing was the safest choice. In future more cohesive settings, I didn't bother with this as much, as the teams tended to have more integrity.)