It's not exempt. I don't trust Steam long term and so don't spend any significant money on it. I only ever buy cheap games for like $8 or less, where I know I'll get that much worth of gameplay in a short time frame and it won't bother me if the platform ever later enshittifies.

Gabe says that the platform will fail-open if ever necessary, that it would revert to offline DRMless functionality. I believe that he has that intention, but the realities of operating from receivership or assimilation by Microsoft would likely be very different.