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.
They can absolutely make it so that disk won’t load the game though so long as you’re connected to the internet.
They can also make it not work if you’re not connected to the internet by having the disk require a network validation every so often. A new game might even automatically install console firmware that updates the console to do this without downloading it online, from the disk.