Stuff like this and Adobe's efforts aren't really Software as a Service - at the most it's just Software License as a Service. You still download, install and run it on your own hardware.
The value of actual SaaS is that the expensive management of the software has been taken off you hands.
Indeed. A better term would be DaaS, "development as a service": you stop paying, they stop developing the tool for you. That would still imply that you can keep the software as-is in perpetuity if you stop paying though; otherwise it's basically ransomware.
The value of actual SaaS is that the expensive management of the software has been taken off you hands.