That at face value makes sense, however the advantage of the through route is that travel between Okehampton/Plymouth can happen likewise Tavistock/Exeter.
Although such a market is unlikely to be very big; by the time you have run a service from Exeter to Okehampton and run a service from Plymouth to Tavistock then in terms of TOC costs it is likely to be very similar (i.e. little or no extra staff time and little or no extra rolling stock usage which are some of the bigger cost items) to those for running a service all the way through.
Almost nowhere in these discussions are the following factors mentioned: East/
North East Cornwall and West/North West Devon are going to have to take a share of desperately-needed housebuilding, which will see relatively sparse populations grow greater in percentage terms than in many other rural areas.
Add to this the totally inadequate road between Okehampton and Plymouth via Tavistock which in many places cannot be improved without enormous cost and environmental objections and reasons other than purely as a diversionary route when/if Dawlish is under water are presented.
The extension from Bere Alston to Tavistock is already being worked on, so it's only Tavistock to Okehampton that is a stumbling block.
Tavistock to Plymouth, with the provision of a suitably large car park at the former, could form the basis of a good park-and-ride scheme similar to that at Lelant Saltings on the St Ives branch, and Okehampton could provide a good bus/train interchange for ramblers and others wishing to explore a wider area on day and longer trips.