If you have kids that use your iPhone, iPad or Apple TV to watch movies, you probably don't want them watching content with nudity, profanity or graphic violence.
There is no catchall setting on iPhone that will block explicit content across all content providers, so if you don't want your kids watching rated R movies or listening to explicit lyrics, you're going to have to block it on each service you subscribe to.
Of all the content providers YouTube is probably the one you want to keep your eye on if you don't want your kids watching inappropriate content. Since most of it is user generated you can find anything from explicit material to just viral stupidity kids will try to recreate.
If you have children that you don't want watching mature content on your iPhone, iPad, Mac or Apple TV, you'll have to block it on each individual provider - there is no catchall setting that does the trick. That means you have to go into Netflix, Amazon Prime Video, Hulu, YouTube, HBO and any other content provider you might have a subscription to and set up restrictions in one form or another.
As of yet there is no universal way to block your children from watching unsuitable content at the device level - so you can't just go into your Apple TV settings and block all rated R movies, you have to go into each content provider's settings to do it. If you have Amazon Prime Video, you'll have to go into its settings to restrict viewing, same for Netflix, Hulu, Apple TV+ HBO and so on. Here's how to restrict viewing on Netflix: