Not really

In the grand scheme of things, it secures TV rights to Tolkien properties. That's arguably in the top 3 with Star Wars and Marvel, and very little has been touched yet. Remember all the speculation of what might be in this show? Those things are still all on the table.

Legendary/Jackson's new Aragorn movie, The Hunt For Gollum- figures to be a 2-3 hr film, covering Aragorn and Gandalf's long ... hunt for Gollum. In the books that seemed to take a decade, and they travelled all over, including (Aragorn at least) into Moria and the Morgul Vale.
Imagine that being a series with 8+ hrs a season. You could easily do 2, maybe 3 seasons, explore a lot more of Middle-Earth, get a lot more detailed etc. That's the nature of premium series vs movies, even the original LOTR trilogy is basically the equivalent of 1 season.

Aragorn's got a lot of series potential.
He states in the books (and thus it's fair game for a series, as it has to come from material in LOTR or The Hobbit, not the stuff outside like Silmarillion):
He served in Rohan under Theoden's father, Thengel, and in Gondor under Denethor's father, under the assumed name Thorongil.
He has travelled as far as Rhun in the East, Harad in the South.
And that's not even taking what he did as a Ranger, going on adventures with Elrond's sons (presumably killing lots of Trolls Orcs and Wargs in the process of guarding the Shire and Bree, and travelling around the Elven kingdoms).
As far as I understand, all that stuff is on the table for potential series, as are the wars of Arnor vs Angmar and Gondor's wars vs the Harad, Easterlings, and Umbar.

Doesn't matter if you like Rings of Power as a show, you're damn right they will pay to keep the rights to the other stuff.