I don't know how Valve will behave in the long term, but so far this has been one of the best things about Steam (other great things include auto management of updates and making multiplayer Just Work).
Our Steam games library goes back well over a decade and anything we ever want to play still works. Separately, during that same time period we bought 4-5 consoles, and currently exactly zero of those console games are playable because over time the consoles fall into disuse or peripherals break, then the consoles get boxed up, are too much of a hassle to get out when you have a slight hankering to play a game, and then eventually they just get tossed/donated away.
Apart from a Steam Deck or something similar, I don't foresee us ever buying a console again. Now, if we could only get Nintendo to be just a software company...