Shadow gets away with it just fine (still do not recommend, Haswell CPUs in 2023 for that monthly price are a joke they only tell you about afterwards). NVIDIA made the mistake of advertising games as "working on GeForce Now" and restricting what runs in their cloud in the first place - probably out of fear someone would run a miner instead of games.

Activation limits were extremely unpopular during their time 10-15 years ago and have mostly been removed from old games. I don't think that's coming back. They really have no reason to object to their game being run from Stream/Epic either. The main complainant back then was from Hinterland (who make The Long Dark) who was more morally outraged than concerned with lost revenue or such.

I can see how it's a moral grey area to namedrop games in an advertisement like that too. Imagine NVIDIA printing some game's art on a GPU box. They should've just logged you into Steam/Epic/GOG and let you do your thing.