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No, the command will not work.
The tpctool command is the IBM Spectrum Control CLI program and will not work with IBM Storage Insights. One reason it will not work is server port availability differences.
FYI: The on-prem IBM Spectrum Control tpctool command can be used either on its own, using the associated options and arguments, or interactively by starting the tpctool command with no options or arguments to start an interactive session.