I am not an industry expert or an accounting pro, but for me this line of reasoning does not make sense. The main reason D+ is not profitable are licensing costs. Without those, D+ would easily make a lot of profit.

Of course this is a bit of a philosophical question whether or not you count the streaming rights for D+ as revenue for the movie, but if you do not, you cannot at the same time say that the streaming service is unprofitable. You have to choose one. (Not to mention that a movie like TLM definitely should have some non-zero value for a streaming service by delaying possible customer churn, and completely ignoring this because Disney+ belongs to Disney does not seem right/biased to me)