Does the encryption in DRM protect the metadata?
But do we really need such protection for a TV show?
"Metadata" in HLS / DASH is a separate HTTP request which can be served over HTTPS if you wish. Then it can refer to media segments served over HTTP (unless your browser / client doesn't like "mixed content").
DRM may be mandated by the content owners. TLS gives Netflix customers privacy against their ISP snooping what they're watching.
What you watch can be a very private thing, especially for famous people.
https://www.blackhat.com/docs/eu-16/materials/eu-16-Dubin-I-...
https://americansforbgu.org/hackers-can-see-what-youtube-vid...