The GPL gives you that right, but RH still has the right to cancel your subscription (under this agreement) and not give you anything further under GPL conditions.
So technically (legally) it's fine and they are in their right, but RH has been doing lots of stuff recently (and not so recently) which I feel is combative and divisive, at the same time presenting their opposition as combative and divisive (the way they've been promoting Gnome 3 and Wayland and PA and SystemD and so on, trying to present everybody who doesn't like these things as a flat-eather or a conservative, and discarding any critique in a tone one shouldn't allow), using classic propaganda means at that. So they are not acting in good faith, and any reliance on them is bad.
Nobody and nothing living forever is one of the reasons centralization is bad. But humans sadly like to flock.
RH is approaching the end of its life cycle. First they were hackers. Then they became a useful and aspiring business. Then RPM-based distributions were what made Linux not marginal anymore (though probably this also has something to do with Mandrake's success). Then they became something in the center of things, connected to everything happening with Linux and other Unix-like systems (at least on desktop). Then they realized that and started milking that slowly. Then they became arrogant.