The relevant section is blunt. “The Software is licensed to you, not sold,” the EULA states. “You are granted a limited, non-exclusive, non-transferable, and personal license to play or use the Software for your private, non-commercial use on the system or device it was intended for.”
The terms also restrict renting, modifying, or obtaining games through unauthorised means. Nothing in there is new, technically. Sony’s EULA has always said this. The timing is what makes it land differently right now.
Plus they can’t revoke your ability to run it if you keep your PS console offline.
Let’s not kid ourselves, they can make it so that your PS refuses to work if you don’t connect it to the mothership periodically