A lot depends on what is the focus of the demonstration. I know that Christian Tissier and Bruno Gonzolez do many demonstrations together, and Mr Gonzolez himself is a high-ranking Aikido-ka, while Mr Tissier is higher in rank.
In Aikido, there is as much emphasis on nage-waza as there is in ukemi, because, one gives while the other simultaneously receives. But an instructor can only play one role at a time. Often, the execution of ukemi is easier than nage-waza, which requires more in-depth demonstration (or instruction), and not surprisingly, that should come from the higher ranking instructor.
On occasion that the focus of instruction/demonstration is ukemi, the instructor will usually switch to the role of uke. I've never seen it done any other way.
In a demonstration, the focus of the performance is usually the nage-waza, even though a crappy uke can ruin the entire demonstration. People don't "ooooh" and "aaaah" over uke's deft stunt work, only the manner in which he got wrapped up in the technique.
Think about it: what role should the instructor play if the focus of instruction is the reversal? He should be playing the role of initial uke, yes?
So if you are careful and observant, it is definitely worth your while to pay attention to both nage and uke, especially if they are high-ranking Aikido-ka.