While I'm unhappy with many aspects of CM - They have never forcefully EOLed a device that was technically capable of running newer versions of Android.
Yes, prior to "inc" everything was volunteer based, and sometimes a volunteer would drop a device. Other devices (such as the original GalaxyS family) are going on forever.
There are only two cases I know of where CM "aggressively" EOLed anything:
1) The announcement that Snapdragon S1 series devices (such as the MSM7227 - NOT the 7227A) would be dropped. This was due to the fact that it was not possible for these devices to run 4.0 and later while still passing Google CTS. One of the rules for CM was "don't break apps" - Now, some CTS violations were just stupid (like anything related to root, or allowing apps to write to external SD) and CM used to let these slide. But if a device had a GPU that had no chance of rendering apps correctly on ICS and beyond - that would get EOLed.
2) EOLing of Nvidia Tegra2 sometime around Android 4.2 or 4.3 - This was because gapps for 4.2 or 4.3 *required* NEON instructions, which Tegra2 lacks
In your case - the problem lies with the fact that you have a shitty carrier that is an MVNO of one of the worst offenders in the business (Verizon) with respect to blocking alternate firmwares of any sort, not with CM. Seriously, if you want a decent Android device, your chances are slim to none on Verizon or any of their MVNOs.