What happens when subscription expires?

I'm unable to find an answer to this anywhere.

I find myself facing issues with the last version of Substance Painter my perpetual license allows me to access. It's looking like my only option is to update Substance Painter.

My question is this: if I pay for a one-year subscription, what happens to my software when that subscription expires? Is it unusable without a subscription, or can I continue using the last version I had access to from the subscription?

E.g. if the subscription expires and I was using the latest version when it expired, can I continue using that version of the software? Or is it only functional with an active subscription?