TEA is triethanolamine, a triol tertiary amine. Its formal acronym in industry is TEOA to differentiate it from triethylamine (a totally different compound), but TEA has stuck among those who mix their own developers.
Triethanolamine is useful as a developer component because it is a liquid at room temperature, water soluble and a strong base, so a small amount will make an alkaline developer that can be stored as a liquid concentrate. Air does not dissolve well in it and it typically does not contain ions or other contaminants that can interfere with components of developers. It makes for long-term stability of stock solutions of developers that contain ascorbates particularly, but also phenidone and other compounds that are used in some developers where stock solution stability is problematic if water with ions in it is used.
One problem with triethanolamine as a developer component is that metol only dissolves in it if the metol is in the base form, not as the commonly available hemisulfate salt that is the most stable dry form of that compound.
For general purpose mixing of developers I agree that propylene glycol is a better solvent, because it will not change the pH of the solution you add it to.
Marty