No, the TRV is sensing/controlling the room temperature and will modulate open/closed to try and maintain that room temperature that you have set on the TRV index, they work quite reasonably well, mine keep the room(s) temp within +/- 1C of the required room temperature as long as they are not closing off fully, in which case they don't give very tight room temperature control, maybe +/- 1.5/2C.
They work by throttling and reducing the flow of water through the rad to change the mean rad temperature to give the required room temp. In the two reduced output examples above, the mean rad temperature in both cases is the same, (75+25)/2 is the same as (60+40)/2, ie 50C.
So once your heating demand goes below 50% (with 75C flow temp) then the TRV will close off fully, the rad will cool down and eventually the TRV will reopen again but are a bit sluggish operating this way.
If, for example, you only require 25% rad output then, the flow temperature should ideally be reduced to 50C, this will result in a return temperature of 25C with the TRV almost, but not quite fully shut off.
In real life, of course, different rooms require different rad outputs so, in practice, you would be doing well to have a average boiler return temperature of 35/40C once all the rooms heat up. 65C might be a reasonable boiler flow temperature. Mine is set to 70C and I get a boiler return of 38/45C.