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?
T and A (n.)
1972, short for tits and ass (a phrase attributed to Lenny Bruce), in reference to salacious U.S. mass media; earlier it was medical shorthand for "tonsils and adenoids" (1942).
1 =) Her T and A has nothing on her T and A, these days; how I knowthink of my baby momma A.K.A. 1942 T and A
2=) can a T and A move on their own/start to move on their own or does 1one have to move them for them to Moreth as by creating their own Inertia.
Journalistic abbreviation for 'tits-and-ass,' used when the complete phrase would be out of character for the piece.
The much-hyped, big-budget Super Bowl commercials always offer something to gag over - the Pepsi spots featuring the teen bimbo pop singer of the moment; the beer ads that pretend to make fun of sexist t-and-a beer ads by, well, showing lots of t-and-a.
12 step recovery jargon referring to someone new who talks about how great life is, now that they're sober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.