That’s precisely what a Template Binary Sensor reports.
The first paragraph of its documentation:
The template platform supports binary sensors which get their values from other entities. The state of a Template Binary Sensor can only be on or off .
I missed the part about you wanting it to check for either of two states: disarmed or armed_home.
In that case, I still recommend a Template Binary Sensor because you stated all you want it to report is either on or off. It allows for an even simpler template.
By default a binary sensor is either on or off. it can’t have any other state by definition. If the value template evaluates to true then the binary sensor is ‘on’ otherwise it’s ‘off’.
@123’s sensor is cleaner if that is the only possible states you want for your sensor. If you need any other state (other than on or off) then you have to use a non-binary sensor.