Addressable is not a TV spot, and the difference decides everything else
A conventional television spot buys everyone watching a programme at a time. Addressable television buys the households you selected, wherever in the schedule they happen to be, by substituting your ad for the one that would otherwise have played. In the UK that substitution happens at the Sky or Virgin set-top box on linear inventory, and in the stream on broadcaster video-on-demand.
That mechanism is why the vocabulary is what it is. If you are buying a slot, you talk about programmes, dayparts and audience delivery against a demographic. If you are buying households, you talk about attributes the broadcaster's data partner holds against an address, and about the postcode geography those addresses sit in. Everything awkward about addressable TV targeting follows from that one substitution, including the fact that the selection is made before anybody sits down in front of the television.
The second consequence is commercial. Because the buy is a household selection rather than a share of an audience, it is sold with a minimum burst rather than a minimum weight. Sky AdSmart's is £3,000, and AdBuyMCP enforces it in code: a request under the floor is rejected before any booking document is generated, with the amount converted to sterling first so a non-GBP budget cannot sail under a sterling floor.