There's more to it than that; consider that simplified, more automated fuel, electrical, and bleed air systems are cheaper than flight engineers! That's what really matters.The three crew aircraft were found to be far more likely to have a potential minor incident turn to an accident because when the captain gave an order there was often a delay as the 2nd pilot and FE worked out who he was talking too. Some of these potential incidents became serious or fatal accidents as a result of this confusion. With a 2 man cockpit there is no such confusion.
Cheers,
Wes