Yes, and this analogy is even more valid than usual, because unlike most software where each binary is an exact copy of all the others, in this case each binary is actually unique to a device.

But it's more like a ticket, or an NFT. It's a unique blob that was sold to you. You should be able to transfer it.

Apple's best argument here might be that the blob is meant for one person, and distributing it this way is like sharing a ticket to the cinema between multiple people. I can't enter the cinema, then come outside and pass you the ticket so you can enter it too.