it's a misnomer, a bit.
fTPM is a firmware-based TPM implemented, usually, by coprocessor (or trustzone style enclave) inside the CPU, yes. It's not related to what TPM standard it implements
You can also have external TPM 2.0 compliant devices (commonly referred to as dTPM, probably brought the naming from iGPU/dGPU), and in fact many options offered for making desktops fully compliant with windows 11 (which requires TPM 2.0) involve a dedicated TPM 2.0 chip.
Ultimately, TPM standard does not care where the chip is, it just provides mechanisms for their use, which do include encrypted tamper protected interface... if one wants to use it.
