It is possible to keep teams "on islands" with a modular monolith. Each team builds a module. Logging, monitoring, and other shared infrastructure is there for all teams.
Until you come to the deployment phase where all teams need to communicate and deploy in sync. This can be a significant factor for slow down.
Also Microservices don't sync on the datastore, these are (in theory) not shared.
So yes Microservices can be emulated in Monolithic architectures, as can Monolithic Microservices be built. Usually you end up with the worst of both worlds. The complexity of Microservices with the speed of Monoliths.
