It goes to great lengths to make it very clear that you don't own anything. You aren't buying anything, you have no essentially rights. You are simply paying for a license subscription to use software with various conditions. Valve is able to end your subscription with no refund if you break the agreement.

True, but:

but in recent years I've been getting games from gog

GOG shills always claim their platform is better because muh DRM-free games and actual ownership but GOG's User Agreement states:

We give you and other GOG users the personal right (known legally as a 'licence') to use GOG services and to download, access and/or stream (depending on the content) and use GOG content. This licence is for your personal use. We can stop or suspend this licence in some situations, which are explained later on.