I think the concerns about restrictions on reverse engineering are totally unwarranted. Note that these restrictions apply to "the Platform". From a quick read of the current T&Cs, it very much appears to me that the "Platform" is simply referring
only to Arduino's online services, and
not the Arduino framework libraries:
The Site is part of the platform developed and managed by Arduino, which allows users to take part in the discussions on the Arduino forum, the Arduino blog, the Arduino User Group, the Arduino Discord channel, and the Arduino Project Hub, and to access the Arduino main website, subsites, Arduino Cloud, Arduino Courses, Arduino Certifications, Arduino Docs, the Arduino EDU kit sites to release works within the Contributor License Agreement program, and to further develop the Arduino open source ecosystem (collectively, the “Platform”).
(Emphasis added. By the way, I hate it when T&Cs don't define their key terms upfront; the above is essentially on the second page, after the "Platform" term is already used several times.

)
So, yeah, all perfectly normal - of course they don't want their websites being reverse-engineered or abused.
And again, where they talk about issuing a revocable licence to the services, they're talking about the websites and other online services, not physical Arduino products or the framework library code. I guess if they revoke your access to their online services, it could still screw you and possibly prevent you from doing stuff, but otherwise your rights to the framework code are governed by the GPL licence, which (correct me if I'm wrong) I doubt are revocable.
I think they've really done themselves a disfavour by using the term "platform" in their terms. Many people think of the Arduino "platform" as referring to the hardware and framework code, and are understandably confused when this term is being used to refer to online services.