Not true at all. I grew up in the age of dial up internet. When you bought software, you owned it. That media was yours to run on your hardware as you saw fit barring certain public/commercial uses, much like you're not allowed to buy a DVD to make copies and distribute it on your own.

However, the expectation of exchanging money for ownership is about as old as money itself. If we were talking about, say, a blacksmith and their craft that you paid solid gold for, you would therefore be okay with the blacksmith showing up one day to reclaim their iron because you only purchased a license to his materials and not the ownership of the product? I don't see that being acceptable to you. What makes software different, especially when it doesn't require internet connectivity to actually function? I don't need connectivity to access locally stored media, and fuck Sony for reaching into anyone's account and deleting access to something they bought, full stop.