Is it true that V3 activation only lasts for a year, after which you have to go online again to reactivate?

I've seen this mentioned in a few places but don't know how to check the claim's validity.

If this is true, I won't be installing V3, because effectively it means that the software can be taken away from me at any time, and if I need to keep using it when that happens, Canva has a way to extort me to do things I otherwise wouldn't do - similarly to how Adobe extorted users to accept their new shitty TOS by making their work inaccessible unless the TOS was accepted first.

In Canva's case, doing this would likely be completely legal (unlike in Adobe's case), because the software itself is free of charge.