Parents often sit through lessons on a chair by the wall. The children who keep going tend to be the ones whose parents were on the other side of the room, holding an instrument badly and laughing about it.
It changes what practice means
When a parent plays too, practice stops being a chore imposed from outside and becomes something the household does. It also gives a child the very useful experience of being better at something than an adult.
You do not need to keep up
You will not, and that is the point. Learning three chords so you can play along badly while your child plays the melody is enough.
Sibling lessons
Where two or more children from the same family learn with us, every lesson is discounted, which makes a household approach considerably easier to justify.