Time will tell for me.
For v3, I used an e-Licenser dongle as I've had HDD failures in the past and this just seemed a safer solution.
I upgraded and installed V4 over this weekend, activated it and got 2 days use from it before my Mac refused to boot (the first time I've rebooted since activation).
Now my account shows 1 of 5 permitted activations used but I can no longer DE-activate it, due to the HDD having been re-formatted.
Were I still allowed to use the e-Licenser dongle I bought for use solely with Arturia V Collection, this wouldn't be an issue.
I've raised a support ticket with Arturia to see if they can (or will) de-activate this orphaned license for me but if not, I'll go back to using V3 until they allow me to transfer my activation to my e-licenser.
I'm aware I still have 4 remaining activations but if I use one each time I lose a HDD or (hopefully, more probable) forget to DE-activate before a re-install, I'll run out of activations before they release VCollectionV.