I've never heard anyone include the value of benefits in TC. TC is usually referred to as the cold cash you take home pre-tax. It can be stock, bonuses or salary. 100% liquid
In my HR portal benefits show up as part of the TC calculation, includes things like pension matching so it is not unwarranted entirely as cash calculation. But it also includes BS like will writting so yeah, I have seen some funky TC calcs out there