TOTP is only effective if you are using the same password for multiple websites.
Whether it’s the same password you use for everything, or a different password for each individual service, a time based one time password will increase security by requiring a potential hacker to have access to your device or some well-kept secrets in addition to your password. Lacking TOTP, you reduce the amount of hurdles required to get into your account.
“Whore bath” is how I’ve heard it