Can a Token Have Both Consumptive Use and Still Be Deemed a Security?

Yes, a token can have consumptive use and still be deemed a security if the "economic reality" of the transaction indicates the purchaser's primary motivation was an expectation of profit derived from the efforts of others. For example, if a token is used to pay for a service but is heavily marketed as a way to "get rich quick" through price appreciation driven by the development team, the courts may still classify it as a security.

The presence of utility is a factor, but the expectation of profit is the decisive one.