Maybe I've missed something, but I don't think this is correct. The TP4056 is a charge only device.
Actually you did miss something

, did you not see the DW01A IC and the FS8205A dual MOSFET in OPs picture? The second version of TP4056 modules comes with these protection chips.
Julian Ilett has done a good
review on these modules.
Dont beleive you.
The output of the TP4056 module connects direct to the battery and the load is connected across the same connections as well.
As the load does not go through the TP4056 module even if the TP4056 module were to shut down, the battery is still connected to the load.
Wrong, you're talking about
these first version of the TP4056 modules, OP has posted the second version with battery protection features. Please read the Original post before replying to any of the later posts.

Circuit for the second version.
