No it's not.
Digital downloads and streaming is very different.
If Sony goes out of business tomorrow I'll still be able to play any and all my downloads games on PS3/PS4.
Unless you mean PS+ freebies.
Downloaded games are saved on your drives, not the cloud.
If I never connect my system to the internet anymore even if the company has malicious intentitions of bricking my consoles or locking my games throught a patch they still simply can't reach it.
Physical media is still king because they would need to come with a hammer to my house and destroy my games to be able to make me stop playing them but digital downloads are still a lot safer than streaming.
Actually streaming is not safe at all. If there is no server there is no game. We might even see exclusives just never being able to be played anymore.
Look at P.T., if you downloaded it you still can play it as much as you want on your PS4. If it was a stream exclusive game nobody would be able to play it anymore. Nobody.
If you need to delete a game to make room for another. Own more games than you have space for. This is a problem for my PS3 and Steam btw.
Even physical media these days are not immune. How about when PS3 is completely end of life-ed. Will we still be able to download patches for games? DLC? Do I seriously want to play a game that required a 50gig day 1 patch that can no longer be patched?
What about when that console dies. Swap hard drives into another console?
There are probably mmos that have been completely lost to the ether.
I know you can keep your games that you've already downloaded, that's a given. But I respectfully disagree that you are immune from losing your stuff.
I'm immune to losing my games.
There is no problem with space on PS4 as I just need an extra external drive.
On PS3 where I can't do that, there are basically no games that need big patches, even if I somehow deleted the patches I already have I still could play those games without big problems.
Always online games as MMOs are mostly faded to that by default, that is not a problem, that's their model, also, I still have to play a MMO on my consoles, so that can't affect me.
As long as games come on in people possession there is always a way to make a copy to something you already have to keep that game safe from sudden loses/equippment failures (as carts, discs or drives), and as long as I possess a game I can keep such copies.
Streaming is completely dependant on who you are getting it from, if he can't or don't want to keep it up anymore everything can simply get wasted forever.
Streaming is a nice option, specially to smaller games, it can do wonders for them, but it's a terrible singular media.
If streaming only is the future of gaming, gaming is dead.
If it keep physical/download only (no mandatory connection)? It can last forever.
Ownership is always better in my hand than into someone's else, that's my take on it, and as long as I can I'll not want it to get taken away from me.
And I already have a whole lot they simply can't.