You might not realize it, but there's a good chance your Wi-Fi connection comes with two different bands to connect to. There's the 2.4GHz option — a band that represents a slower, yet reliable, connection. On the other hand, we have the 5GHz band, which offers faster speeds in exchange for potential drops in connection.
Your smart TV might do better with slower speeds
It sounds weird, but it's true
Something the slower 2.4GHz connection can do is promise stability -- without the need for tin foil. It's generally recommended to use this band if you're far away from your initial connection point and the signal has to travel through many walls. The 5GHz band can still handle this, but the 2.4GHz option does a better job. It's because of this that 2.4GHz is typically recommended if you have your router upstairs while your TV is downstairs, for example.
The best-case scenario is to just test your connection and see if you notice any real difference. Your TV doesn't really need the speeds that a 5GHz connection can offer, but I don't blame you for wanting to get the most performance out of your TV as you can. The 2.4GHz connection is great for any device far away from your access point. My Roku Streaming Stick that's in my basement is connected to this band, and honestly, I don't notice any differences whatsoever in speeds.
A lot of devices don't need the extra speeds. The likes of your smart light bulbs, Google Home devices, and your streaming sticks all get by just fine with the slower connection. As I mentioned earlier, some older devices, like the Xbox 360, can't use anything other than the slower band, so it's good to keep it around in case your internet provider unifies it like they did with me.
Game consoles, on the other hand
High speed is great when it's needed
Your TV doesn't typically have to install anything outside of system updates and apps, so you don't need the extra bandwidth offered by a 5GHz connection all the time. For regular streaming, you'll get by just fine with the slower connection, and I imagine there are still many people out there using it without running into any problems.
Your game consoles are not like your TV. You often have to install large updates, and that's where having some extra speed comes in. I was blown away when I first tested my 5GHz band on my Xbox Series X because it made my usually lengthy installs go by much faster. I typically keep my consoles connected to this Wi-Fi band if possible because I can always use the extra speeds, where my Apple TV 4K doesn't really need anything other than stability. If there is ever trouble, I can easily switch to a different band, so it's not like I'm locked in permanently after making a choice.
For most of your home devices, I don't think a 5GHz connection is all that necessary. Don't get me wrong, I use mine when I can, and it works well. I just don't see a reason for you to run out and upgrade your router if you're not doing anything to take advantage of the speeds. My advice would be to set everything to your 5GHz connection and see if you run into problems. If you don't, there's not much more you can ask for.