Based on the information I can find about it (which unfortunately hasn't included anyone actually recording themselves playing the co-op mode that I've found yet), it's not actually co-op. It's single-system splitscreen but it's a competitive game mode, not co-operative.
Problem with that being, of course, the prevalence of people (including GOG's official feature definitions) misusing "co-op" as "local multiplayer" and "multiplayer" as "online multiplayer only" for stupid reasons.
EDIT: Found an answer in Steam forums with a few people including one of the devs mentioning how it can work. Up to 3 players actually co-op - with players 2 and 3 taking control of companions who you have to find in-game first and recruit before the other players get to do anything.
https://steamcommunity.com/app/919360/discussions/0/3412055301118576585/