If anyone is interested in using a source-available license for their own code, the Polyform Project has a set of standardized, source-available licenses. https://polyformproject.org/ PolyForm Shield would probably achieve the same result as the Timescale License. https://polyformproject.org/licenses/shield/1.0.0/
The PolyForm Shield license prohibits competition with the original project, but then goes on to define "competition" > Goods and services compete even when provided free of charge If you host your project on Github under this license and I fork it, then my Github page is competing with yours and I am therefore in violation.
Distribution of the source code, modified or unmodified, would not be considered competition. On the contrary, it is an explicitly granted right. So, for example, forking on GitHub is allowed.
Distribution License
The licensor grants you an additional copyright license to distribute copies of the software. Your license to distribute covers distributing the software with changes and new works permitted by Changes and New Works License.