...and the pilot under the hood may log, concurrently, all of the
flight time during which he is the sole manipulator of the controls as PIC time....

The pilot under the hood can log PIC for "all of the flight time during
which he is sole manipulator of the controls". If he is not under the
hood, he can't log THAT flight time. So he can't log the landing
(unless they can figure out a safe way of landing with the pilot under
the hood being "sole manipulator of the controls").

Seems clear enough to me.

As for whether the pilot under the hood can log the flight time he logs
as PIC as crosscountry....who knows? THAT is not in the FARs either
way. So you are free to make your own interpretation, I guess, so long
as everyone who signs you off is also in agreement with you, with the
caveat that someone might disagree with your interpretation. And if
that someone is senior to you, it could cause problems.

Some situations aren't in the FARs. I own an Amphib and there is quite
a bit of ambiguity about exactly how to log it, mostly revolving around
do you log it as a Seaplane if you don't land on a lake on that flight?
And can a non-seaplane rated pilot someone else flying the plane
besides me) be legal as PIC in the plane (if otherwise legal in it as a
landplane)? I have my way of doing it, it is my interpretation, but
like I say, some things aren't in the FARs.