I wonder if Ledger Live will also try to frozen our coins one day if FTX says so?
The better question is, does Ledger have a way to do that with a wallet that is non-custodial in nature? I don't think they do, otherwise we would have seen complaints with locked funds all over the place. Not just now after the Ledger-FTX partnership. I think it's the exchange that could lock funds, not Ledger. Even though they claim you never lose control and custody of your coins, it can't be true. The swap takes place on FTX, Ledger just holds your hand and shows you were to go during the process.
I think they can do that with ledger live, which is just a user interface.
They can just disable all buttons and demand KYC, otherwise you can't click anything. But it is always possible to use electrum or restore using seed somewhere else.
I don't think they will do it, but they might. They might be forced to do so depending on regulations...