The difference is this: No EULA can override an organisation's legal obligations. Most countries have fairly robust "fit for use" laws, so if you sell something and it is not fit for use you can be taken to court. If there is no sale then there is no "fit for use" protection.

I do not mean this to imply I think commercial software is superior to free software, I am a great believer in FOSS, I just wnat to show a reason why a "scary" warning in commercial software is not equivalent to the same warning in FOSS.

Sure but SLAs generally exist if you're buying proprietary software as B2B, not necessarily so for OSS, unless you buy support contracts as well, which some companies like RedHat provide.