Usual arrangement is that the model gets to use shots for her own promotion, on her own website, and so forth. Never seen an arrangement where the model gets to license them out as content...
I would NEVER -- barring a lucky access to a true celebrity -- do a TFP/TFCD, without having a full release allowing any use of the photos by myself.
The bottom line of all this TF whatever stuff, is that the arrangements are flexible, a bargaining situation, and the final deal depends on the relative stature and skill of the two parties. If a total beginner model came to me and wanted a full license, as well as permission for her own self-promotion, I'd tell her to put on boots and take a hike. Same response if she wanted to limit my use.
I was at a seminar by Ken Marcus, of fine art and Playboy fame. He mentioned that for a certain photo essay (shot under tough conditions in Yosemite) the models worked for photos, not cash. A previously obnoxious woman in the audience interrupted and asked "Why on earth would a womyn (sic) model just for pictures from you?" Marcus, a gentleman, sighed, paused a moment, then gently said, "I like to think that after all these years of study, work, and publication, my photos might have some small value for the model." I recall that the audience snickered and tittered, and the questioner was too filled with herself to even understand why.