Yes, that's true. There are situations where it can be a sign of respect, I agree.
However, as a binary trans woman, it'll never be that simple for me. If I get they/themmed by a stranger who doesn't know, I spend the entire day worrying about what I did wrong in my presentation to not be simply referred to as "she" that time.
This isn't anyone's fault. No one's a mind-reader. And overall I think this practice is good, though not without some minor criticisms that probably aren't worth mentioning since it would take an essay to unpack.