ttyplay doesn't print out to stdout/stderr as was recorded

I'm trying to record a script, basically:

echo one > /dev/stdout
echo two > /dev/stderr

my expectation with `ttyplay` is that it would output those two streams separately, e.g.

ttyplay -n rec.ttyrec 2>/dev/null
one <- stdout
ttyplay -n rec.ttyrec 1>/dev/null
two <- stderr

Is such a thing possible? I asumed the ttyrec file has full info about stdout/stderr.