So yeah, there is almost zero chance of consumer grade windows requiring a subscription.
Microsoft already has more than 50,000,000 consumers (not businesses) on Office 365 personal or family plans. It's a small step from there to adding Microsoft 365 Cloud PC to it. With a marketing push people will gladly buy cheap WinBooks to connect in. You can do it NOW if you wanted too, all of the low cost hardware already exists as do the Windows VDs, it's just not being packaged for and marketed directly to consumers yet.
I strongly suspect that Windows 12 will come with two licensing models "Install on your own hardware" and "License for Virtual Desktop". Over time Microsoft will push ever harder to get people to go for the second one. They did it exactly like this with Office and it worked quite well.