In practice, no. Key loggers are a minuscule threat to account security compared to weak passwords and password reuse. But lets say you are in fact a user that

In practice, no. Key loggers are a minuscule threat to account security compared to weak passwords and password reuse. But lets say you are in fact a user that gets targeted by an adversary capable of deploying a key logger against you. Does TOTP protect you? No! If you are compromised to that point, the attacker is also in a position to just hijack your sessions. There isn't a threat model out there that is trying to solve the problem of "my end user device has been compromised but I still want to be able to use it to access sensitive systems without those systems being compromised."