Both reasons apply. Operator error always possible; on Tuesday I found myself turning the rotary table rather than shifting it with the mill table. Most embarrassing.
The main reason for locks is to stiffen up the machine. In general, anything done to make jobs more rigid makes cutting more reliable. In principle I always lock unused axes and snug up the moving one; in practice I forget.
My Chinese lathe allows me to apply considerable force to it's beefy gibs with an Allan Key. I don't know about the Sherline but simply increasing the pressure on the gib may not be smart if there's any risk of breaking the gib (cast-iron?) or stripping threads. (Aluminium).
All machines have limitations. If the Sherline can't be improved on this point, then it's OK to support the gib lock by holding the hand wheel in place. Just don't forget and start spinning it mid-cut!
Dave