While VideoQA Transformer models demonstrate competitive performance on standard benchmarks, the reasons behind their success remain unclear. Do these models jointly capture and leverage the rich multimodal structures and dynamics from video and text? Or are they merely exploiting shortcuts to achieve high scores? We analyze this with $\textit{QUAG}$ (QUadrant AveraGe), a lightweight and non-parametric probe that systematically ablates the model's coupled multimodal understanding during inference. Surprisingly, QUAG reveals that the models manage to maintain high performance even when injected with multimodal sub-optimality. Additionally, even after replacing self-attention in multimodal fusion blocks with "QUAG-attention", a simplistic and less-expressive variant of self-attention, the models maintain high performance. This means that current VideoQA benchmarks and their metrics do not penalize shortcuts that discount joint multimodal understanding. Motivated by this, we propose the $\textit{CLAVI}$ (Counterfactual in LAnguage and VIdeo) benchmark, a diagnostic dataset for benchmarking coupled multimodal understanding in VideoQA through counterfactuals. CLAVI consists of temporal questions and videos that are augmented to curate balanced counterfactuals in language and video domains. Hence, it incentivizes, and identifies the reliability of learnt multimodal representations. We evaluate CLAVI and find that models achieve high performance on multimodal shortcut instances, but have very poor performance on the counterfactuals. Hence, we position CLAVI as a litmus test to identify, diagnose and improve the sub-optimality of learnt multimodal VideoQA representations which the current benchmarks are unable to assess.