Hello, @figueroaquilcanelson,
The single purchase of the license is for the lifetime, you will always get the latest update of the theme and plugins.
With the single purchase code, you will get the free 6 months of support, and once the support period expires, you have to renew the support if you want more support from the theme support team, and if you do not want the support then it’s up to you.
And one single license of the theme is for one single live URL only, this is Envato policy and with all the themes on the ThemeForest, you may wish to confirm with Envato as well.
You can use the same license for your live site and for testing purposes on localhost as well.
We hope this clarifies your concerns.
Best Regards.