I thought I was just purchasing a single user, standalone version of the software suite called Object Desktop.
In one sense, you are. The software, once downloaded and saved to your system, is yours to keep and use forever. During the first year, you are entitled to all updates, betas and upgrades to the software that are made available to subscribers over the course of that year. Should you choose not to renew the subscription after one year, you may keep & continue to use the software as long as your rig survives but you will no longer have access to subsequent updates, betas & upgrades.
The important thing to do so that it works out as a "purchased, standalone" product is to download all the individual app installers & save them. You may continue to download updated/upgraded installers over the course of that first year after which your access would end, even to the installers you had "purchased" if you hadn't downloaded & saved them. So the key is to download, save and back up.