Theres still technically a book right? Its just a digital license, so you can't sell it to anyone when you pass the course?
$130 certainly gets you (((access))) to your text books. The student has not tried to download a PDF or anything. I suspect you have this exactly right. The only class with a physical book is the one where your professor writes it, I'm guessing. Textbook expiration date is probably the week before finals unless you buy the "expanded access" package.
I still use my college English textbook from time to time. Comes in handy when I have questions about composing comments for /s/Introductions