I don't think that's exactly right.
Yes, you buy a license. But that doesn't mean the rights holder can take the license from you. The license is intangible and permanent. Even if you lose access to the media, technically the license persists. But this isn't a case of people losing their license, as the availability of a download is not "the license". Whether or not this situation is itch's fault, it certainly makes them look bad when every other game store leaves delisted games on user's accounts (since the license can't be revoked, why deny those users access?). Netflix apparently doesn't care about making enemies and itch is an unfortunate victim of that.