I am not so certain:
For example, I think that a lot of my knowledge about the system that I work on could be documented, and based on this documentation someone new could take over the system.
The problem rather is: the volume of documentation that I would have to write would be insane; I'd consider ten thousands of dense DIN A4 pages to be realistic - and this is a rather small system.
So, a new person who could take over this system would have to cram and understand basically all the details of this documentation insanely well.
This insane effort (write the documentation; new workers on the project then have to cram and understand every detail of this incredibly bulky documentation) is something that no employer wants to spend money on: this is in my experience the real reason why it isn't done.