Yes, LTSC is literally missing parts that are standard on a Windows install - it's an operating system designed for ATMs and kiosks that run exactly one tested application, it is not a general-purpose operating system.
If you happen to not need those pieces, and you don't care about running super out-of-date software? Sure it might work. But it's not a Good Idea in general.
That's not a fair take. The only things I noticed that were missing out of the box are the MS Store and some Dolby codecs. Both of those can be installed easily.
I estimate that 95% of people would be fine with Windows 10 21H2 LTSC. The 5% might miss some 3rd party software that requires version 22H2 to run (just because it's the latest, not for any technical reasons).
If you happen to not need those pieces, and you don't care about running super out-of-date software? Sure it might work. But it's not a Good Idea in general.