This is exactly why I think true strike should:Just to be clear, no it does not.
It is still the objectively wrong cantrip to have. You should have picked Toll the Dead or something like that if you are facing enemies who inflict Disadvantage and use cover. The DPR of any save-based cantrip, even Acid Splash on a single target, is going to be higher than alternating True Strike and Firebolt against a target in 3/4 cover when you have Disadvantage (turned into a neutral roll by True Strike).
1: ignore cover
2: turn a crit fail into a fail; turn a fail into a success; turn a success into a crit success.
This way it still stacks with advantage (allowing a higher chance of a crit) and almost guaranteeing a hit. It also increases your chance to hit invisible target or targets that give your attack disadvantage because, even if you miss with disadvantage, the miss turns into a hit.
To me, this is closer to how it was in the previous edition. I'd still make it an action. In a situation where you have a target that is impossible to hit, it may be worth giving up an action to almost guarantee a hit.