Technically, your answer is correct in that I could not redeem my gift card directly using Apple TV but I could redeem it to be used in iTunes or the App Store and so since my Apple TV allows me to rent iTunes Movies or TV programs, this transaction will be paid for by my gift card and the answer to my question is yes, ...
How do I rent movies from Apple iTunes?
Your search results appear in the iTunes window. Note: Instead of searching in the iTunes Store, you can browse—click Store, look through the various categories in the window, then select an item. Select the movie you want to rent. Click the Rent button (if you don't see this button, the item isn't available for rent).
How do I redeem an iTunes gift card for a movie?
On your iPhone, iPad or iPod touch, open the App Store app. At the top of the screen, tap the sign in button or your photo. Tap Redeem Gift Card or Code. If you can't see Redeem Gift Card or Code, sign in with your Apple ID.
What can you use an iTunes gift card for?
Buy apps, games, or in-app purchases from the App Store. Buy music, movies, and more from the iTunes Store, Apple TV app, or Apple Books. Pay for subscriptions like Apple Music, Apple Arcade, and Apple TV+.
Why can't I use my Apple gift card?
If you see a message that says that your card has not been properly activated, it might not have been activated by the retailer who sold the card. The best option is to go back to the retailer and try to resolve it with them. If you need more help, contact Apple Support.
How do I transfer iTunes gift card to Apple cash?
Apple Gift Cards can be redeemed onto your Apple ID account's balance only. They cannot be added to your Apple Cash account in any way.