Can we all just agree, as a species, that the fact that there are millions of pieces of Windows software that millions of people use daily matters?
...can we also recognise that, with the rise of mobile and web-based technology, the demise of Internet Explorer & its attempts to make the web Windows-only, and the rise of fast broadband (making virtual Windows in the cloud a practical thing) this doesn't matter nearly as much as it did 15 years ago?
One of the important ways in which the Mac differs from Windows is that MacOs
doesn't live or die on its ability to run 20 year old software, and is more free to change and evolve. The switch to Apple Silicon has many potential advantages - especially for the thin, light portable and small-form-factor devices that are Apple's bread and butter. The price of that is losing x86 compatibility - even if we do get a "supported" way of running Windows on Arm, the jury is still out on whether that is ever going to become a viable alternative for people who need x86 Windows - because, currently, it still looks like Microsoft's little hobby intended to keep Intel and AMD on their toes.
If you use PC software heavily and need it to perform well - you'll get better bangs-per-buck with PC hardware. If you've got a few odd bits of PC software and don't care about performance, then you can get a cheap, small PC laptop or tablet as a second machine. Or, you can run x86 Windows under QEMU or something and re-live those SoftWindows98 days... although emulation software today is a lot better than in the noulghties... and if WoA licenses never happen, someone will probably come up with an emulator package. Going forward, I expect that a virtual PC in the cloud will be the go-to solution - the tech is there, someone just needs to sell a home/personal subscription without the corporate pricing... and as for "work-from-home" I suspect that remote-desktop into an outsourced virtual machine will become the new normal before long, even if you have a PC, because it makes data protection compliance so much simpler.
Your formally right - but in practical terms for any enduser I would like to see the court (at least in Europe) that would take action if the enduser would be sued (which also would never happen).
Last I looked, while courts have occasionally thrown out specific license clauses because they violated statutory rights, I don't think the principle that you need a valid license to install and run proprietary software has ever been successfully challenged. "Finders keepers, losers weepers" is not a statutory right (maritime salvage, maybe?) and "I was able to obtain and run a copy without it telling me I couldn't" won't cut it. But, as you say, in practical terms MS are pretty unlikely to start going after individual users in court.
...all of which is beside the point. The more significant risks of using an unlicensed copy of Windows are:
1. If you us it for, or at, work, or on work-supplied gear you could get hit by a software audit and get hauled over the coals for it. That could be a career-limiting move regardless of how little Microsoft would care if they new.
2. Unlicensed =
totally unsupported. I'm not talking about MS's "wonderful" bug-fixing and technical help here, but supported as in "still likely to be there tomorrow". MS could "fix" product activation at any time, withdraw the insider preview scheme, push an update that breaks it on M1, not supply critical security fixes etc. It could just stop working, or you could find yourself jumping through endless hoops to stop it de-activating itself.
3. If MS were feeling mean, they could decide to cancel your Microsoft account and any services/subscriptions/whatever connected to it - but, hey, spending the next year arguing with MS or hiring lawyers to get it restored will give you something to do while you're locked out of of Minecraft...
If people want to take those risks, that's their decision, but it's not responsible to pretend there's no problem. If you just want to mess around, play some games, run some benchmarks then - probably - cool, but if you're contemplating buying a $3000 Mac on the basis of being able to run Windows, or will be relying on running Windows software in order to eat hot meals and sleep indoors, you might want to think carefully.