There are two plausible ways to cut sleep duration without harming cognition: increasing the proportion of slow wave sleep that is spent in deep sleep and reducing REM sleep.
Slow wave sleep is needed for synaptic homeostasis (e.g. see https://www.sciencedirect.com/science/article/abs/pii/S1087079205000420). There are evolutionary trade-offs between time spent awake, time spent in light sleep, and time spent in deep sleep. Deep sleep is more restorative than light sleep but an animal is more likely to be awakened from predators in deep sleep. Humans sleep less than other primates but spend more time in deep sleep than other primates—maybe because our ancestors took turns to stay awake and watch for predators at night?
I’m not so sure what the function of REM sleep is. Maybe something something emotion learning something something? There are cases of people on antidepressants going months with no REM sleep. There are also cases of people on antidepressants who say they have no emotions so I doubt that it’s possible to cut REM sleep without side effects.
Here is the secret to successful co-sleeping: Get a large playpen that can fit a double mattress. Then once the baby is asleep you can slip out and go to the loo/have sex/get a glass of water.
More tips:
If the baby needs changing after a night feed then first roll him onto his tummy, then change him, then roll him back onto his back. My boy would usually sleep through nappy changes so long as he was changed on his tummy.
Put the baby to bed in leggings rather than sleepsuits, so that nappy leaks can be dealt with without waking the baby.