So you don't use Steam either I suppose? You break their ToS and get banned and you lose all access to those games as well.
I can't believe how some people are reacting to this news, it's so over the top. It's not surprising news in the slightest, and unless you're planning on modding your console or playing cracked games, you are in no danger of losing your access.
No you don't.
Valve haven't blocked installed games for ages.