I think another factor is that while for any cat being in a shelter can be stressful, for a true feral it can be unbearably so. From a human perspective it seems better - plenty of food, warmth, attention, etc. From their perspective, though, they're just scooped up and dumped into a completely alien setting with these huge terrifying creatures (humans) and lots of other animals in close proximity (other cats, even dogs) that they can't escape from even if they feel threatened. They go from being able to roam freely to being confined to a cage or room, and they have no concept of why this is happening to them.
It's one thing to put them through that temporarily while they're socialized to a good home, but if odds are they'll spend the rest of their life in a shelter or be euthanized, I think it's worth at least having a conversation about whether it's truly worth putting them through that.
The shelter where I volunteer does take semi-ferals, as well as ferals who show some rehabilitative potential. Our shelter is willing to place cats as barn cats if they do not have the temperament to be house pets. However if it appears that a cat is too wild to even live successfully in a barn, often TNR will be considered the kinder option for them because in a shelter they would just languish or even die from stress.
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The Boys: Maisie, Zephyr, and Cullen.