No it doesn't. He is saying Steam should keep on authenticating past purchases but you are restricted from doing anything else. It would be understandable if Valve hadn't built Steam to do that but recently they are allowing banned accounts to access their games so the functionality exists.
What they need to do now is revise how the terms of service application works such that if you decline the terms it doesn't deactivated steam but instead put you under ban status.
Well, technically, the entire point of the account restriction system is that banning/disabling accounts is no longer necessary. But, yes, there is bitter irony in the fact that those who disobey the SSA after having agreed to it are afforded greater access to their account/s than those who'd prefer to decline.