The lifetime software license means that you can continue using it for your specified domain name without any extra payment required - i.e. you don't have to renew or upgrade if you don't want to. Each software license comes with 1 year of software updates free. After one year, you can choose if you want to get a software renewal package, or you can just continue to use the software as is if you want.
Yes, UltimateWB Full software includes the features for photo/video uploads by members, membership abilities and accounts. You can check out an overview of the features here: https://www.ultimatewb.com/features .