That's a side effect of your device being more secure, yes. After all, the most secure device is a simple rock. Nobody can hack it and it can't rip Marvel movies off Disney+.
To be clear, Microsoft doesn't give a single fuck about you doing piracy, they actually need your device to be secure because otherwise you might switch to another OS for security. Disney and the like, however, will likely in the future require you to use a TPM2 device for advanced DRM.
Of course, if this is something you're rightly worried about, the right course of action isn't to install Windows and disable TPM (which also, as I said, does nothing for disabling Telemetry). It's to install a Linux distro that's hopefully not Ubuntu, because that's way too commercial and not free enough.
Also, at the moment, the Linux desktop install base is small enough that any streaming service can just disable their services for Linux users altogether, TPM or not. So we do actually need to be voting with our OS installs and sooner rather than later.