Yes, it does in fact mean "tits and ass", but it rarely is referring to the anatomy of just one female. It is used more in a descriptive generality... usually used to characterize a particular genre of entertainment, e.g. movies, TV, pop music, etc. It is often used pejoratively.
Wow, MTV used to be so cool. Now, it's all rappers and T and A.
Have you seen the amount of T and A that has crept into video games these days?