The relevant section is blunt. “The Software is licensed to you, not sold,” the EULA states. “You are granted a limited, non-exclusive, non-transferable, and personal license to play or use the Software for your private, non-commercial use on the system or device it was intended for.”
The terms also restrict renting, modifying, or obtaining games through unauthorised means. Nothing in there is new, technically. Sony’s EULA has always said this. The timing is what makes it land differently right now.
Coming from that era myself, buying a VHS tape absolutely gave you ownership of that copy of the movie. Same with music, which is why homemade mixtapes were such a popular and permitted thing.
Studios didn’t like it, but no one went after the guy with the little vinyl briefcase of 100 different mixtapes for every sort of occasion.