Aside from live service games that are dependent on the devs' servers, and anything that uses more intrusive DRM (note that while Steamworks DRM is a thing, quite a lot of games don't use it anymore and ones that do are very easily cracked), they can't actually take the bits off my computer.
DRM-free games are still considered a license too, at least as far as the law is concerned. Even physical games are. But I'm not worried about anything that can't be enforced.
Valve's TOS hasn't actually changed. The new law just requires them to more clearly disclose that a license is not ownership, but that was always the case.