Earlier quoted context omitted.
Kind of, yes. Terminology used in Australian consumer law is that devices must be "fit for purpose" and of "acceptable quality", especially in regards to other similar products. A software update changing the product in a significant and negative way after purchase definitely would be grounds for a "remedy".
It's a TV! It plays video. How is that not "fit for purpose" and of "acceptable quality." Honestly just seems nuts to me for the law to be so vague. Why don't they just say, "Refund under any circumstance the customer feels inconvenienced and upset" and be done with it? I find that much more honest and easier to follow than what you're describing. Caveat emptor and all.
The whole point of these laws is to prevent manufacturers from squeezing people by making products that fail early, or that are difficult to use. If you don't understand why this is important then I'd question how much life experience you really have.