We live in France, have done for 9 yrs and are perfectly happy to rent. But it's a totally different proposition here. one of the key differences is that in those 9 years our rent has increased by less that €100 a month, because the landlord is not allowed to increase the rent by more than a rate set by the Govt, which is tied to the annual cost of living increase. We are landlords in the UK and every 6 months it seems that our agent write to ask if we want to increase the rent: the only limit there seems to be whether the market / tenant will accept it. Plus our tenancy is far more secure and yes, we are left to decide what we want to do with the place: we can decorate, install a kitchen etc: the only criteria is that the place is in the same general condition as when we moved in. If the property is to be sold, we get a lot of notice and first right of refusal to purchase (at the very least).
I'd also suspect that in France it has never been as easy to get a mortgage as it used to be in the UK. Certainly, it costs a flipping fortune to buy here once you take into account notaires fees and all the taxes / charges. All the first time buyers in the UK that got 110% mortgages - that just didn't happen here. You always had to have a considerable deposit to buy, and most younger couples would rent while saving to buy - and they'd have to wait a lot longer.
Something else that's different here, and I don't know if / how it affects the ownership figures, is that properties stay within families a lot more than in the UK. In France, an ageing person can gift their property to a relative, yet retain the right to live there (rent free) for as long as they want to - and when they move out the property reverts to the owner: it's not required to be sold to fund the older relative's care bills. So a lot of properties stay in the family for many generations often with grandchildren and their families moving in when the old person dies or goes into residential care. We have at least 2 apartments in our block that are owned in this way,and I have several friends who are currently living with their French partners and their children in a house / apartment that is owned by a family member. I'd say that it makes the property market a lot less dynamic than in the UK.
So to return to the OP I'd say that Yes, people in France are generally happy to rent because it's secure, long-term is normal and protected, and we can make our rental places into our homes as we like - but many people still like to buy as an investment in their future, just a bit later in life than used to be the norm in the UK.