It is worse than that. They made it so the printer will refuse to print if it hasn't installed a new update. They took control over the printer away from their owners and it really looks like this is meant to pave the way to anti-consumer practices such as forcing an always on-online requirement, introducing subscription fees to keep some functionalities that used to be free and/or denying the ability to use third party filaments or parts. The "it is for security" excuse is pretty much a meme at that point. It never is about security and always about screwing over the consumer for more money.
I was looking forward to buying a Bambu printer but now it is off the table for me. I've been burned too many times by devices that arbitrarily require to be connected to "the cloud" to function. There is absolutely no good reason why a 3D printer cannot be directly controlled via USB or local network without the need for a connection to the internet for "authentication" (imagine how much more secure that would be!). I'm glad I got to see this before I bought one. Bambu owners should be pissed right now. They just got the rug pulled from under them.