You are conflating DC circuit behavior with RF transmission line behavior. If you were right, co-phased CB antennas would always have terrible SWR because of the massive impedance mismatch.
The load on the transmitter is always 50Ω because the feedline between the transmitter and T is still 50Ω.
Power splitters are used instead of Ts to isolate the ends of the T from each other, not because they are required for impedance matching.
You can verify this with a simple experiment. Connect 2 dummy loads to a T, and measure SWR, then compare that to the SWR of the a dummy load connected directly. It won't change much.
Sorry, prcguy is quite right here. Whether it's DC or RF, the same basic equations still apply (they just get more involved with vectors in AC assuming you have reactive components).
Ideally, at resonance, you are supposed to see a purely resistive load so you can "assume" a simplified parallel load at first approximation. So, if you have two purely resistive loads of 50 Ohms each connected in parallel you will see a combined load of 25 Ohms (1/(1/R1+1/R2)). Obviously, if you get reactive components you need to deal with those but, for the sake of simplicity in this case we'll assume a pretty resonant load.
Dummy loads are, or should be, purely resistive, at least to a first approximation when used with their recommended bandwidth; there are no "intended" reactive components (just resistors, which, yes, when you go beyond a first approximation they will have reactive components but, within recommended frequency limitations, should present a nearly pure resistance with negligible reactive components).
In a well matched system consisting of source, transmission line, and load, if the characteristic impedance of the line is equivalent to the source and load impedances then the length of the line should not affect the impedance of the system (again, to a first approximation). Once your source and load becomes significantly mismatched then the length of the line and its characteristic impedance can become significant because the line becomes a matching element - a distributed component. As prcguy stated, those cophased antenna designs use this fact to make them function correctly. That is why they use 75 Ohm cables as the lines between the antennas and the T junction to "compensate", for want of a better term, for the two "ideally" 50 ohm loads combined in parallel.
Now, if you define a 2:1 mismatch as "not significant" then, yes, when you look at a simple T terminated with two 50 ohm loads with a VSWR meter you may judge that as "acceptable". Depends on your system design. But, generally, you try and keep things below that type of mismatch in most designs.
And, of course, receive only systems that have broadband antennas can present widely varying load impedances to the receiver. But that is less of a concern than a power transfer system as in a transmitter and power amplifier design.
-Mike