You still own the physical tape itself, and you have a perpetual right to play, copy, and modify the tape as much as you like, for personal use.
I’m not sure what you’re on about with “license” in this context. You own the VHS. Do with it what you like.
I am refuting the original poster's claim that "With DRM you never purchase _content_. You only purchase a _license_ to access it." This is true, but is meant to imply there is an alternative. There isn't, a you only have a license to the content in all cases, including DRM-free physical media.
Mostly that your license to the content of a VHS cannot be revoked arbitrarily after you purchase the VHS itself.
This is why it's still a license. Public performances are explicitly forbidden. So it's still not "yours."
Or, at very least stop spreading misinformation.