Is there ever a point when it is acceptable to take back something gifted to someone else? It is fair to say that giving a present to somebody, however low-key, can be a risky endeavor. They may not appreciate it in the way that the gift-giver hoped they would, or the giver may have had second thoughts about whether they wanted to transfer the ownership of that particular item. Circumstances can change and leave somebody who felt like being generous wondering if they were too quick to share that generosity.
At the same time, there is a strong argument to be made that once something has changed hands, it is up to the person who has received the gift to do what they want with it. This might be painful to watch for the individual who gave it to them, but it is ultimately a point where it is out of their control. It's a lesson that most of us have to learn at one point or another, and some might say that the earlier that happens, the better. It allows us to react in a more grounded way if the situation happens to repeat itself.