I think you are right based on the wording of the latest update:
Regarding individual solutions: Will it still be possible to activate a new eLicenser in 2029 (@DosWasBest after the incident with the dog, maybe you wanna hide your dongle in a big stuffed lion?)? I think the main question is whether or not this will be possible from a technological point of view. I am pretty sure that Steinberg will try to find a decent solution, so that’s not a question of are they willing to do so.
EDIT: The answer still remains unclear whether or not it will be technically possible to activate a new USB licenser after May 2025. Confusing statement for eLicensers
I will change the initial post accordingly once this has been cleared.