Scott, have you got a link for that? According to Alex Lindsay, Apple is making changes to the AppleTV's CLUT (Color Look-Up Table) that takes the desired RGB value for a pixel and does a 3-dimensional transformation so the color output on your screen is a match for the original value. So, it doesn't matter if your TV is set to torch mode (aka Store Demo mode), the tweaked CLUTs should produce a more accurate picture.
And, as long as you don't block the color being sent to the screen during calibration, it should work on a Projector. But without a projector (or an iPhone with FaceID) I can't verify.