This is true but at the current computer prices, nowhere near as bad as it sounds. I spend £100/year or thereabouts for GeForce Now, and

• there’s no way I could play games on a £500 laptop that I renew every 5 years,
• no way that a £1000 laptop could get me to play AAA games for more than 1-2 years * and sure, I could play games on a £2000 laptop, but no way that will last me 20 years.

If you have a life and can’t play any more than 25 hours a week, the value proposition right now is great - there’s no viable alternative that allows you to keep playing AAA games for the equivalent of £100/year.