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No, the perpetual use license does not stop working after Support+Upgrades expires. It works forever with the licensed version of Wing (currently Wing 7). It also comes with a year of Support+Upgrades that gets you email support and access to all new upgrades, including a new major release. Once that expires, you can either renew it at US $89/year for commercial use or US $39/year for non-commercial use, or just keep using Wing without email support and pay for any future upgrade you decide to get.

So I think the perpetual license is what you're looking for and does what you're expecting. It's only the annual license that expires entirely.