Yes it does. The vast majority of users aren't going to have their laptop stolen by the CIA/NSA and have their DIMMs popped and cryofreezed.
The vast majority of users aren't going to have the case opened and a special-purpose PCIe device installed to steal keys over DMA.
The vast majority of users aren't going to have a dTPM vulnerable to SPI sniffing as modern and not-so-modern processors have fTPM.
This is to provide some baseline level of protection of the user's data against theft and loss.
Are there attacks against TPM? Yep. In as much as there are attacks against SMS 2FA, but for the vast majority of people, SMS 2FA is an acceptable level of security.
If you're a CEO, well sure, you're going to want to do something better (TPM + PIN). I acknowledge that Windows 11 Home users don't have this specific option.
Everyone needs to level set on the type of attacks that are practical vs. involved and who the targets of those attacks are.
FDE (w/ TPM) is part of defense-in-depth. Even if imperfect, it's another layer of protection.