It would probably work, but the accounts we shared before were Hulu and Disney+, none of which were "my" original accounts. So having to go through the hassle of showing family members VPNs and setting them up wouldn't be worth it compared to just pirating.
The biggest loss to cutting streaming services is mostly discovery of finding some random show/film to watch. If you're going to torrent something, you have to know what you want first. It doesn't bother me much, but it's kind of a bummer when you want to just put something on.