No. Activations are still stored on the server, but as long as the key is not used on more than one device at the same time, it'll stay transferred.
It is more complicated than that. Even after 10 years of digital licences, it is clear many do not understand the interaction of a key and digital licence.
Prior to W10, the key was the licence, but since w10 the licence is a digital one and the key is only the enabler.
During the first newclean installation, you only enter the key to show a valid key. Once the installer validates the key, the installer grants a digital licence based on the hardware id and stores it online.
Thereafter, the key is irrelevant i.e. you can reinstall windows on same device as often as needed WITHOUT ever using the key again.
There is no need to go through hoops and loops to "uninstall" key on old device as the key is irrelevant.
Even after 10 years, people still refer to various methods used before W10 like slp commands etc. These are irrelevant.
The only minor issue is if you used the retail key more than 5 times on new devices(legally uninstalling windows on older devices to meet EULA), MS may put a temporary block on the key but you can still use the old style telephone activation to remove the temporary block). However this is very rare.
So in simple terms, install windows on new device using pro key once (no need to do anything on old pc). Thereafter the key is no longer relevant.
