There are few places where subscriptions are the right way to go... like subscribing to the feeds your firewall vendor has for threat definitions and botnet blacklists etc..
Adobe is a good example of where it's absolutely, horribly, terribly WRONG for them to sell their software as SaaS and for customers to tolerate using it that way.
Adobe's products like Lightroom and Photoshop absolutely do not need to have the latest up-to-date version of the software. For people who use it all day every day... it MIGHT be worth it to have a subscription.. but probably not.
I've been running the same version of Photoshop since just before the went subscription-only on it. I've been running the same version of Lightroom since then, too. I've not needed anything beyond that. I did have to make a small concession, and switch from using Pentax's proprietary raw image format (PEF) to the DNG raw format.. that was a menu setting in my camera.
For a hobbyist, there's no way spending tons of money each month is less expensive than spending a few-hundred once every several years, and even professionals, once they have a tool set that works for them, really just don't need new features on a weekly or monthly basis.
and then there's the problem of falling on difficult financial times... where you can't afford that monthly subscription on the correct day of the month.. and it puts you out of business because you suddenly can't get your work done.
and then there's how much of your copyrighted data ends up in Adobe's hands.. probably under a license that says they can do whatever they want with it. (I've not read their full T&C's, but I bet it's there.)
Their whole creative cloud model is an evil money-grab as far as I'm concerned.
So.. for me this question needs to be asked on a case-by-case basis. Many of the subscriptions out there are just stupid, and some few make a lot of sense.
If there were protections against losing use of the software, and just not getting any more updates, that would be a lot easier to stomach.