This is a very good question that I am not sure anyone knows the answer for.
I think for some people it matters and for some it doesn't
It was actually discussed not long ago.
I can tell you that when I was a TM a beat a Legend and it made no difference in my average or in my standing as a TM.
But others said that in CC tourneys that some members that were TM beat Legends and became Legends themselves. I am unaware if their average changed.
This is all for match play. I don't think stroke play matters