Abstract The coalescence of binary neutron stars (BNS) is a prolific source of gravitational waves (GWs) and electromagnetic (EM) radiation, offering a dual observational window into the Universe. Lowering the signal-to-noise ratio (S/N) threshold is a simple and cost-effective way to enhance the detection probability of GWs from BNS mergers. In this study, we introduce a metric of the purity of joint GW and EM detections Pjoint, which is in analogue to Pastro in GW only observations. By simulating BNS merger GWs jointly detected by the HLV network and EM counterparts (kilonovae and short Gamma-ray bursts, sGRBs) with an assumed merger rate density of BNS, we generate catalogs of GW events and EM counterparts. Through this simulation, we analyze joint detection pairs, both correct and misidentified. We find the following: 1. For kilonovae, requiring Pjoint > 95% instead of $P_{\rm astro}>95~{{\%}}$ reduces the S/N from 9.2 to 8.5-8.8, allowing 5-13 additional joint detections per year and increasing the GW detection volume by 9-17%; 2. For sGRBs, requiring Pjoint > 95% instead of Pastro reduces the S/N from 9.2 to 8.1-8.5; 3. Increasing kilonova or sGRB detection capability does not improve Pjoint due to a higher rate of misidentifications. We also show that sub-threshold GW and kilonova detections can reduce the uncertainty in measuring the Hubble constant to 89-92% of its original value, and sub-threshold GW and sGRB observations can enhance the precision of constraining the speed of GWs to 88% of previously established values.