There is a separate policy than this one that affects every app, specifically:
Existing apps that don't target an API level within two years of the latest major Android version release will not be available to all users.
Currently, existing apps [...] must target API level 31 or above by August 31, 2023 [...]. Otherwise, they will stop being discoverable to all Google Play users whose devices run Android OS versions newer than your app’s target API level...
From Target API level requirements for Google Play apps - Play Console Help
So basically, if you don't update your app after two years Google will stop showing it to anyone with a newer device than the target SDK dictates, effectively soft-delisting it from the Play Store, unless developers put in the effort to update to the latest SDK regularly.