If that were the case, then there would be no need for the 'anti-tivo' provisions of the GPLv3 as the existing v2 requirements could be used to prevent the devices from being locked down.
There is nothing you can do with GPLv2 code that you can't also do with LGPLv2.x code, so the fact that GPLv2 code (like the kernel) is widely used in embedded devices, exactly of the type that you are concerned about, should be clear precedence showing that you don't have to worry about that.
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