If such context manager is added, it should be documented that it does not work with subprocess or C functions writing directly into the file descriptor 1.
For such issues, I'm using dup2(). Example from my pysandbox project:
@contextlib.contextmanager
def capture_stdout():
import sys
import tempfile
stdout_fd = sys.stdout.fileno()
with tempfile.TemporaryFile(mode='w+b') as tmp:
stdout_copy = os.dup(stdout_fd)
try:
sys.stdout.flush()
os.dup2(tmp.fileno(), stdout_fd)
yield tmp
finally:
sys.stdout.flush()
os.dup2(stdout_copy, stdout_fd)
os.close(stdout_copy)