Microsoft is going the opposite of what you're suggesting. Their games are coming to Steam, Playstation and Switch. Also, their game division isn't exactly thriving right now. They have a ton of studios, but they are not selling hardware very well right now.
The more that time goes on, and the more entrenched steamOS/Proton becomes, they will not have any sort of easy time trying to lock-in to Windows. Even now in the earliest days of steamOS, there is blow-back when a game does not support the Steam Deck (which means Proton).
I would posit that in this scenario it is Valve who has the deeper pockets. It's a privately owned company and not beholden to the whims of a quarterly driven revenue cycle, and it's a matter of life or death for the organization.
In contrast, gaming is essentially a side show for Microsoft. The resources required to push Valve off it's pedestal would have higher returns invested elsewhere.
Games aren’t going to suddenly start targeting only updated copies of windows 11 though… if they target even win 10 then they need to be API compatible with what’s currently there in windows. It doesn’t matter what new stuff comes out. Just like how we had to keep using ie6 compatible code for ages for the 5% of people still on windows xp even though it kept us from using modern web tech for everyone else.
They can't stop publishers from targeting steam/proton, though. The publishers will go to where the market is. Sure maybe they can restrict the version published to whatever store windows has but they can't prevent the one distributed with steam targeting an older version.
Microsoft can easily do another go at it.
That is the problem building castles on other vendor platforms.
As reminder,
https://www.extremetech.com/gaming/127475-valve-confirms-ste...