Based on Microsoft's presentations so far and the fact that OpenAI has protested none of them it appears to me that MS indeed has those rights and they undoubtedly have the capability.
Change of control is a very standard clause in Escrow arrangements and it may have been subtly worded specifically to ensure that control of the company remained friendly to Microsoft interests given that they did not have a board seat. That's pretty much the only way they should have accepted that construct. If they didn't they were dumb and you can say a lot about Microsoft (I know I have and they're a shit company in my opinion) but they know the legal world like few other tech companies.
Change of control is a very standard clause in Escrow arrangements and it may have been subtly worded specifically to ensure that control of the company remained friendly to Microsoft interests given that they did not have a board seat. That's pretty much the only way they should have accepted that construct. If they didn't they were dumb and you can say a lot about Microsoft (I know I have and they're a shit company in my opinion) but they know the legal world like few other tech companies.