OK - story time. It's not something I like to bring up often because it still pisses me off all these years later.
I bought an Xbox 360 at launch, and thought it was pretty novel buying digital games (mostly XBLA stuff) and having a "digital locker" that I could delete said games and re-install when I wanted to. I probably dropped about $1,000 into my account, which is pretty impressive because this was before you could buy "Full" / "On-Demand" games, but I did have a bunch of DLC for games like Oblivion and such. Then one day, I went to sign into my Xbox Live account as usual, and an error came up on the screen. I did some research and it appears that the error in question meant that Microsoft had disabled my Xbox Live account. I wasn't able to sign into my console's online service, and I wasn't able to play any of the games I had purchased. This was about 10 years ago.
I contacted Microsoft and they said they suspected my account of hacking and that the ban would be permanent and that there was no recourse. I guess this was back when people were spoofing random live IDs on their hacked consoles and my account got caught in the crossfire. My old account is still to this day banned, although I tried (unsuccessfully) for about 8 years to have it re-established. It says the ban will be lifted December 31st, 2999. I even went through their legal department to try and argue my case, but it got to the point that the next step would have been to hire an attorney and take them to court, which wasn't worth the $1,000 "value" of the account especially since many years had passed and most of the stuff I had bought was old at that point. Instead, I tossed my Xbox in the trash and spent 8 years not buying a single Microsoft product due to the incident. I believe now they've since changed their policies regarding these types of matters and give you a digital counseling session instead, but my locked account is still banned and not eligible for review.
The point is - rights holders and platform holders absolutely can revoke your ability to play the digital games you've purchased, as long as you're connected to the internet.