No. It requires a monthly subscription. It is similar to renting physical storage space or renting an apartment. You have the storage only while you continue to pay. Also see the following from Downgrade or cancel your iCloud storage plan - Apple Support
What happens when you downgrade your storage plan
If your iCloud storage exceeds your new storage plan capacity, iCloud won't sync or update your information. iCloud updates again when you increase your storage capacity or delete information to make more space.Â
If you downgrade or cancel your plan, the storage change takes effect after your current subscription billing period ends.* If you downgrade to the free iCloud Storage plan, you'll have 5GB of storage.