You have some basic rights and an EULA, TOS or a contract cannot take those away (at least not in the EU). So no, that wouldn't cover a situation where a device is crippled later on. You'd have a right to get your money back.

I mean, then the easiest thing for companies to do would be to write "You agree that we can do anything we want with the device" into the EULA. As long as they behave reasonable in the near term and only go crazy after public attention has moved on, they'd probably get few customers to notice.