Actually T R Vs cycle the radiator on and off but the time between on and off cycles is usually not very long because the TRV senses the heat from the pipe itself and starts the off cycle soon after the rad has turned on, and similarly starts the on cycle soon after turning off. Hence the rads usually don't fully cool. I find my TRVs hard to control, but maybe thats because I got cheap ones.
The fact they sense the heat from the rad itself to me is like having a room stat mounted above a rad. This is why I prefer room stat and 2 way valve (or smart TRV is you eluded to)
Some SmartTRV have the option of a remove stat, most have a stat build in. If the radiators are connected at the bottom, then heat from the radiator will not have much effect on a TRV. You can also get a ‘cable’ that lets you mount the TRV head remove from the radiator.
Normal TRV can be hard to adjust as you cannot hear them “click on”, my wife always turn them too much rather then making a very small change then waiting an hour to see if it is enough. (Way can’t there be two buttons marked “I am too hot” and “I am too cold”)
Also if you have a fixed speed pump, as the TRV closes down the pump will increase the pressure differential so the TRV may not be able to reduce the flow of water without having to completely shut.
(The Drayton TRV4 is a manual TRV that has a liquid sensor rather than expanding wax, so works a lot better than some cheaper TRVs Our Drayton TRV4s don’t cycle. The very old TRV with bimetal strips on some of our radiators do cycle.)
Smart TRVs have been created by a few companies to allow zoning of a CH system
without having to change any of the pipe work, add a modulating pump and a boiler that has a wide modulating range and you can get a very adaptable system. (A buffer tank may be needed to stop the boiler cycling if it can’t modulate low enough.)
(I first found out about smart TRV when I was thinking about zoning our large bungalow, there is no clear way to divide it up into zooms as rooms can change function with ease.)