I don't think serious Photoshop users would consider that to be calibrating. I certainly don't.
I calibrate my monitor with one of these:
https://www.amazon.com/spyder-monitor-calibration/s?ie=UTF8&page=1&rh=I:aps,k:spyder monitor calibration&tag=httpwwwtechsp-20
Will it work on a TV screen?
Well you did not specify that you want to calibrate for printing, and you wanted color accuracy to match printed material. That what those color calibration devices are meant for. These calibration tools do not actually make the picture on the monitor display look better for games, movies, or video.
There was a time when I worked for printer controller company, we had to code up driver software for those controllers, provide built-in calibration APIs to integrate with those tools and generate the ICC profiles for printer and monitor. And you better hope there is some troll at work that goes and changes the brightness, contrast, or gamma on the monitor in middle of you validation testing.
There is no reason why a TV LCD panel cannot be calibrated by the same tools, but TV LCD/OLED/etc. panels on the other hand was not created for color accuracy for professional print either, and you will likely be unhappy with the results.There is a reason profession monitors for production are ridiculously expensive partly because of the stringent color accuracy requirements.