It usually does and if customer_2 was on any other page except checkout_confirmation (final step before placing the order), they'd be redirected to the shopping_cart page with a notice the product is currently out of stock. IMO, it's just the existing stock check logic that should be added to the checkout_process module that runs just before the order is created.
20 years ago I wrote an entire store from scratch in Perl + SQL. I just don't have time to do it again and maintain it in PHP.
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