When a group of users set up Family Sharing, certain compatible subscription types would be shareable, e.g. Apple TV+. The other users get their own access to this subscription content on their own account, with their own preferences and watch progress.
Other subscriptions and/or services might also be shareable. Again, without getting in your way.
The Family Sharing Organizer has a few settings at their fingers, for determining what to share, mainly the privacy sensitive options. iCloud, Calendars, Photos, device location, etc. doesn’t have to be shared, if you don’t want to.
Purchase Sharing, is also a separate option within Family Sharing, as it might not be suitable for all groups (organizer pays for all group purchases).
About Family Sharing - Apple
Learn more about what you can do with Family Sharing - Apple Support
Set up Family Sharing - Apple Support
Add a family member to your shared subscriptions - Apple Support
How Purchase Sharing works with your family - Apple Support
What types of content can I share with my family? - Apple Support
↳ Notably rented movies are not shareable. I wish the document was more clear about that.
"You can share Apple TV with your family" … "and everything else"
Where did you read that part? URL, please.
It is about sharing expenses: apps, some purchases digital products and some subscriptions/services. Not about sharing what you have on your devices — if that is what you were worried about.