No, the licence keys do NOT expire.
They will be valid for the program for which they were purchased for the life of the person and/or program.
A Windows XP Licence key is valid for ever, likewise. But it is not valid for Windows 7.... the later version of the OS.
For 7 you need a new key, however that does not stop you using XP and its key.
The very same applies to Stardock's programs.
Example....Fences 2 is not Fences 3, just as XP is not 7.
I'm trying to think of a program whose key remains valid for all versions/releases of the program. The closest I can get to is my Kaspersky Internet Security....but that's a SUBSCRIPTION service....3 machines by 2 years...then pay again.
Directory Opus....I'm still on version 10,5,7 because anything later wants a new fee and Code...but what I have serves the purpose just fine.
Acronis True Image 2019 keeps telling me there is a 2020 ...but that'll cost too [with key] so I can wait a few more releases before upgrade....maybe 2022 instead.
This is how computer software works...