Power consumption of Target Display Mode compared to monitor use.
In target display mode, macOS is still running on the iMac. In fact, I think it's even usable if the iMac has an external display connected. Only the internal display is switched to the other computer.
You can probably do screen sharing to the iMac while it's in TDM.The 2009 and 2010 27 inch iMacs only have one MiniDisplayPort so you can't do TDM and have an external display connected at the same time.
You can run macOS and TDM at the same time and flip between the two.
You can probably do screen sharing to the iMac while it's in TDM.
TDM doesn't work without macOS because macOS is needed to do the switch. For 2009 and 2010, the DisplayPort switch can be done in Linux. For Thunderbolt iMacs, Linux doesn't have the code needed to do the Thunderbolt switch.
Thunderbolt TDM has a DisplayPort switch to switch the iMac's display from the GPU to the DisplayPort Output Adapter of the Thunderbolt controller. I suppose this is similar to the switch that is used for DisplayPort TDM.I think that I have done screen sharing with an iMac in TDM mode. I have several videos on screen sharing with old Macs and have done lots of experiments.
I've never had the 2011, 2012 or 2013 iMacs so I've never had the opportunity to play with Thunderbolt and TDM.