Even if you cancel your subscription, you will be able to use its services for the remaining days that are leftover in your subscription period. Once the subscription period ends, you will lose the remaining Skype minutes, additional OneDrive storage, and access to all other Microsoft 365 related services.
The Bottom Line-
Whenever you buy a Microsoft Office product, do not forget to keep installing its update to stay ahead in this competitive world. An update is quite necessary because it introduces you to the latest features of Office apps and helps eliminate bugs that might be present in them. For checking, if an update is available, you can navigate to microsoft365.com/setup and learn more.