This is true, but most software that could does not yet interface with the TPM, so in real world usage it’s basically only the Microsoft account authentication token and bitlocker keys

Another note related to the TPM being a silly requirement, across a fleet of about 1000 windows 11 PCS, in a six month period I saw about 5 had TPMs corrupt themselves and require a reset and one otherwise perfectly functioning laptop have it’s TPM entirely die. Which isn’t a horrendous infant mortality rate, but for the thing that stores your bitlocker keys you’d hope for better reliability, and it’s sad to see perfectly functioning hardware get replaced due to such an unnecessary component failing