That would seem to make perfect sense, especially if all TRV's when sitting 'fully open' do exert some force on the pin and close the valve to some degree, not sure they all do though? I haven't definitively tested that fact but when fitting some TRV there is a feel that the pin isn't being depressed by very much. I suppose it's gaining an understanding as to just how much that actually effects the flow through the valve. i.e. how closed does a valve need to be before it starts to affect the flow.
Common sense, suggests that even wide open, that a TRV will be a major restriction on the flow. Much more so than a lock shield.