Having still not migrated projects to an ALM 11.52 server, I would say that yes this step is probably still necessary.
In "td" is the database user account set up by and for ALM. When it was set up on the new system, it got a new GUID. When you restore an old project's db to the new environment, the GUID for "td" in the old project will not match the GUID for "td" in the new system. The query updates the old project db to match the new database environment.
In "td" is the database user account set up by and for ALM. When it was set up on the new system, it got a new GUID. When you restore an old project's db to the new environment, the GUID for "td" in the old project will not match the GUID for "td" in the new system. The query updates the old project db to match the new database environment.