The point is where you have to exercise that right. And in the case of an HOA, those are to choose BEFORE you buy into an area.
And after you buy, if you want to change it, you have the right to try and convince a majority to do so. But the point is, an HOA is neither pro no anti property rights necessarily. Good ones operate to protect property rights - bad ones infringe.
There is no guarantee on your property values though, it’s conceivable too that the HOA could become infamous in some way and turn into a drag on associated property values. If it works for you great, but for me there is too much opportunity for petty dictators. My aspirations go in the direction of one day buying a small farm though, and I did once scare off a Mercedes driving suburbanite lawyer by hauling a load of manure in my car, lol!