Yes, when you pay to use a copy of copyrighted work, you're not owning the work in the sense of obtaining the right to redistribute.

That is completely separate from the question of whether you are buying your copy to permanently use, or just renting it temporary.

Conflating the two concepts is either sophistry, or stupidity.

I have to admit that I'm pretty impressed that GOG has managed to convince a lot of the big brand-name players, (including Sony! [1]) that a DRM-free way of distributing games can be viable. If there's no DRM then there's nothing stopping you from keeping a backup on your own that they can't take away.

[1] https://www.gog.com/en/game/god_of_war