Yes, definitely. I would use a TPM on a Pi device regardless of the imperfections if I could find one for a normal price. My threat model is that I don't store anything sensitive on the device but as a guardrail it also cannot be trivially decrypted without the hardware token.

I am using TMP for this on x86 machines that I want to boot headless. If I need to replace the disk I can just do a regular wipe and feel pretty comfortable.

I'd use a Yubikey or other security token with the Pi, but the device needs to boot without user intervention and the decryption code I'm aware of forces user presence whether or not the Yubikey requires that.