Intel let's you rent processors you bought
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This is a really strange idea, and I am not certain I got it right.
Sounds like you got it right to me.
I suspect their justification will be that a lot of these features will have narrow use cases and will need to be controlled by drivers that will have to be maintained for what will be a small core of users.
But yes, this is absolutely Intel taking the position that the processor is in fact their property, not yours.
They (and the US government) want to own your machines.
Do not throw out your old computers. You may need them one day.