nah, they'd lift the protections such that the spurs basically get the raptors unprotected 2024 pick (as opposed to top 6 protected). since the pick is guaranteed to convey in 2024, it frees up their ability to trade their 2026 and 2028 picks. also frees up their ability to offer a swap in 2025. right now, the pick is top 6 protected in 2024, 2025, and 2026 so they cant trade any other FRPs until 2028.
typically, lifting the protection is meant to benefit the team receiving the pick (here, the spurs). but in this case, an unprotected 2024 first from a raptors team starring Siakam/Lillard is probably a pretty bad one well into the 20s, whereas the protected first from the current version of the raptors likely yields a pick in the teens
given that dynamic, the spurs would be able to ask for an asset in exchange for making the pick unprotected as part of a larger lillard trade