It is true that one new subway line, like the DRL, would be preferable to a dozen new streetcar lines, particularly when the streetcar lines are replacing buses for absolutely no good reasons, like on Morningside.
Transfer City is consistently hilarious...their own estimates claim routes like Sheppard East will be no faster than the Rocket bus, so by spending almost a billion dollars, all they'll accomplish is a reduction in frequency along Sheppard, and an increase in travel times for some riders.
There's plenty of places in this city where surface routes are dysfunctional in mixed traffic - more than enough corridors to wisely spend $10B on streetcar ROWs - but the intersection of Sheppard & Morningside is not and will never be one. Too bad Metrolinx has rubber stamped worthless parts of Transfer City.