No, they can't retract your permission to use your own software, but they can prevent you from going after infringing parties if SF Conservancy holds the copyright.
And at that point, why assign them copyright at all?
If pro bono legal representation were provided, I wager a number of developers would take up that offer.
If the lawyer owns the code: The violator's offer to simply release the code is refused by the lawyers, who go for the jugular and try to bleed the violating company for as much money as they can.
This is only true for GPLv3, and not GPLv2.
Of course, many other non-specialists have contrary opinions. If you have a link to a legal opinion to the contrary (by a lawyer skilled in the relevant areas), could you please share it?
That seems unlikely, or somebody would do it just for the laughs. (I certainly would)
* For project maintainers: The SF Conservancy can't prevent developers from working on their own project, because it is GPL-licensed and copyright holders can't retract GPL licensing once it's been given.
* For end-users: The GPL is a copyright license, not a EULA. So it only affects developers.
* For businesses that distribute software with changes: The risk of being sued by a copyright troll that buys the rights isn't an existential risk, because they can always keep using and fork an old GPL'd version.