Must be that way - watching "an evening" (yes, i just made up a time unit) of Netflix consumes 1/4 to 1/3 of the bandwidth "an evening" of consuming content on AppleTV+.

So, about 10GB or less on Netflix to 30GB or more on AppleTV+, dissected by DPI on my TP-Link Omada Gateway.

And indeed, i think it shows - i can't notice any banding or moire effect on pretty much any AppleTV+ content, while it is as clear as night and day that Netflix compresses the hell out of their content.