The intent is to be able to download content you were eligible to download for free while you were a subscriber even after you cancel your subscription. Please let me know if that doesn’t work as it is a bug.
Having said that, the intent also is for you to not be able to download free updates that are released after your subscription lapses. This might currently not work as intended. Part of this is due to the fact that the engine is not generally “forward compatible”. Aka, if we release content that was created with version 4.2 you won’t be able to open it with 4.1. Of course content created with 4.1 can be opened with 4.2; we treat “backward compatibility” very seriously.