Does this DaVinci Resolve Studio license key activate the latest version (DaVinci Resolve Studio 21)?

Yes, absolutely. The DaVinci Resolve Studio activation key is not tied to a specific version. This license always activates the latest version of DaVinci Resolve Studio — currently DaVinci Resolve Studio 21 — as well as any previous version, should you prefer one.

In addition, Blackmagic Design includes all updates and upgrades to new versions free of charge with your license. You pay once and always work with the current version, with no subscription or additional costs. Good to know: Blackmagic Design has indicated that future upgrades to new major versions may come at a cost at some point. To date, however, this has never happened — all upgrades, including the one to version 21, have been free.