It is "one time" in the sense that it will never stop working, unlike a subscription model.

You are however limited to 3 years of updates, so if you want to keep up to date, it is $80 for 3 years. Which if fine for me, it is the one piece of software I used the most except for the browser and OS, I even use it to make money, $80 / 3 years is not much.

It is also the kind of software I like to support. It is... respectful in that it isn't a resource hog, runs fast, launches fast, and it doesn't try to be anything but a text editor. No ads, no subscription, no cloud, no AI, no slop, no dark patterns, no enshittification. Just an executable that does what it say it will do, and does it well. I wish it was open source, but it works well enough out of the box to not need it.

Ah, you are correct. I thought a renewal was only required for a new major version after 3 years. But it's actually any update after 3 years. Which is still pretty reasonable (but not quite such a good deal)!