With PlayReady, as with any other DRM scheme really, there are different tiers. There is SL2000, which is done completely in software (whitebox crypto), and there is SL3000, which does require a TEE. Which tier is requried for which type of content is driven by streaming provider or studio requirements. I think it is pretty common to allow content up to 1080p to be used with whitebox crypto, whereas 4k+ content will require hardware DRM.