Hmmm, I wouldn't put it quite as strongy, cs. As you say, panoramic photographs are combined in a way that the nodal point is the same for all images. Therefore, in theory, a combination of several panoramic images taken from different positions could indeed be used in a structure-from-motion approach to increase pixel resolution whil retaining full area coverage. The problem I see is camera calibration for these panoramic images. And as one could easily take many images from many positions, the panoramic-to-SfM approach may not be worth the touble. There may be a use case if only very few positions were available for taking images while at the same time needing high pixel resolution and large area coverage.