I’ve been researching this, but it ends up being confusing. The EULA said I own my product other than the engine code, and content, third party software, and any contributors. And the EULA also said that upon any termination, for example, I have to cease distributing any of my products (other than unrestricted products) that was made using the licensed tool or tools, and even to the point that I would have to destroy all of my products (other than unrestricted products) in my “inventory”.
If every typical video game with Unreal Engine has the “engine” code somewhere inside as the main background for running the games, then does that mean Epic has a right to control you with it at all time? What if for example I already made a typical game using Unreal Engine, and already released it and that I possess a copy that can run by itself? Is the agreement telling me I would have to delete that possession if such agreement was terminated? What about the consumer that already bought the game?
Maybe I’m misunderstanding.
NOTE: I am new to Unreal Engine.
You do indeed own the Product itself. However, as you note, Epic continues to own the underlying engine, which is licensed to you. Please note that the license is perpetual, and Epic can only terminate for breach or for patent action. If the license is terminated, however, all rights cease, including your rights to use the engine and distribute your Product.
You can always port your game over to another engine, removing all licensed technology, and your rights would no longer depend on a license from Epic.
I forgot to note that the rights of consumers who have already purchased the game are not affected.
Thank you for the response. 
Hopefully it’s only possible that they can only revoke the license of any breach and/or patent action and that they can’t revoke it outside of those reasons.
By using the engine, does this include possessing a stand alone product and/or physical (e.g. disk) version of my product (e.g. video game) and just starting it up alone like how a consumer would through a console and/or PC? Or in other words sort of: Is the creator of a video game no longer allowed to merely play their own game, but the consumer can still play that particular copy?
Just to be sure too, do I still own my product during a termination as long as none of the engine (and the other things) isn’t used?
Epic won’t come after you for keeping one copy of your game for your own use.
Yes, once you remove all reliance on licensed technology, your game is no longer a “Product” that is subject to the EULA.