Yeah, that's absolutely one way to look at it. It could be less, it could be more. However, I still have access to movies I "bought" well over a decade ago on Amazon Unbox, meanwhile every movie I've "rented" on the service I no longer have access to.
I'd say their record overall points to the license offering potentially more value over the short term defined rentals, if you're planning on watching the content again.
Amazon isn't hiding any of this, there's a link to this that's close to the "Buy" button on their site and they mention you're agreeing to it when you check out. It is pretty easy to read and comprehend, it is not exactly fine print.