Took a peek into the XmlSerializer.Deserialize code
XmlSerializer.Deserialize(TextReader) internally calls the other override - XmlSerializer.Deserialize(XmlTextReader) with XmlResolver set to null, so it should be safe from XXE attacks, however if do you want to disable dtd processing altogether, below should be used instead.
var xmlTextReader = new XmlTextReader(xmlInput) { DtdProcessing = DtdProcessing.Ignore/Prohibit };
xmlSerializer.Deserialize(xmlTextReader);
However, I don't see any benefit in disabling DTD processing altogether(especially when it could potentially impact your time tested code). From my understanding, there are only two xml attacks - XXE & XmlBomb.
As previously mentioned, XXE should not be possible because XmlResolver is set to null.
XmlBomb should also be not possible because MaxCharactersFromEntities is set to a limited value instead of 0(0 means no limit).
If you do try this attack, you'll face an exception saying - "The input document has exceeded a limit set by MaxCharactersFromEntities." instead of having the application crash or have a DoS attack.