I was against the initial Adobe subscription model, but when Adobe introduced the Photographers Subscription package I became an immediate convert. A few mins with a calculator informed me that the subscription model would be substantially less expensive than purchasing the respective Lr and Ps upgrades, even if I skipped every second release (which I used to do). My fear at the time is that we would see the subscription pricing rise out of control. Many years have passed and that has not happened.
I am critical that (for me) gaps in functionality are still missing, such as better Import options and the ability to place metadata better on the Printed Page and in books, but I see a lot of improvements that have taken place, many under the hood or subtle, but important.
While I understand the fear associated with a subscription model, I have not seen that realised. I know I have alternatives if I need to bail out, such as Capture One for raw conversion, but they are also changing their licensing model. I have abandoned InDesign in favour of Affinity Publisher mainly because of the buggy and prehistoric data merge option within InDesign, but also because the whole InDesign interface needs to be rebuilt from scratch.
Also, cameras keep improving and I place a value on having someone making available to me the latest version of the raw conversion software. Someone has to pay for that development. I also like the fact that I can install this software on both Windows (my main workstation) and Mac (MacAir is my preferred travel tool) without the cost and hassle of having to licence these products separately. Maybe at some stage I will embrace their mobile apps, but will only step into that space when Lr can process raw files on external storage on an IPad, via the USB port. I am not sure if that is an Apple or Adobe constraint. However, their mobile apps work very well for many.
We can abandon our subscription at a time of our choosing, but you will still have access to the bulk of the Library and Printing functions. I think that is a fairly good safety net.
The Adobe licensing model is unlikely to change anytime soon, or at least I hope it will not. I like the idea I can depend on Lr and Ps for the next few years.