That's not entirely true. What happens for ccTLDs is that they're owned by the government, and administrative and technical management of the extension is delegated to a foundation/association. In the example of France (I'm French so I know it best), the .fr has been managed by the Afnic historically, but it's renewed every few years (5 I think?) by the government. Last time was 2021.
In the case of ccTLDs you need to trust the associated government no matter what, more than the delegated registry.
If you trust them, it’s fine. I would guess they’ll be around for a while.
https://www.switch.ch/about/foundation/