Red trash bin icon

Don'ts

If the device is removed from an account after it is erased, Activation Lock will be turned off. This allows another person to turn on and use the device.

An example of my iPhone 5 is given in the GIF below. There is no "Undo" after you remove it from your account.

I've found a reading for you, it says "Cancel an erase

If you erase an offline device and find it before it comes online again, you can cancel the erase request."

Erase a device in Find My on iPhone - Apple Support

Which means either your device didn't complete the process yet or the iCloud didn't update yet, but it confirms that the command erase has been received

Beware of Phishing!

Be careful and be smart to --> Recognize and avoid phishing messages, phoney support calls ...

Note: Apple will never send you any info on Lost/Found iPhones. It (Phishing) may appear as the image given below.

Switched Off? Still traceable

Even if the iPhone is switched off it is findable, see the pic below.

Device Offline?

I see my device in Find My, but it's offline

If you see "Offline," "No location available," or "Location Services Off," your device might be offline for one of these reasons:

Don't see your device?

• You might not have Find My turned on.
• If you're using the Find My app, you can't see your device's location if more than 7 days have passed since its last location was sent to Apple.
• If you're using iCloud.com/find, you can't see your device's location if it's powered off, the battery has run out, or more than 24 hours has passed since its last location was sent to Apple.
• Learn how you can still protect your information.

If you 'cancel erase and forget this device' you will gift your iphone to whoever stole it, you will reliease it from your Apple ID for anyone to grab it for free, I wouldn't do it

Well it doesn't say it hasn't been erased, it says cancel erase, which doesn't mean it didn't do it, maybe if you tapped cancel erase and it'd tell you that's not possible. So I wouldn't worry about that too much, do not as I already said, do not tap Remove this device. It could also be the iCloud hasn't been updated yet, it depends on the connection, and sorry if I thought you managed to have it back

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With the limited information that you have provided, It is hard to even guess the problems faced by you. 

You may get faster and better responses to your query by --> Writing an effective Apple Support Commun… - Apple ...

Please re-post with detail so that someone else can help.

Yes if the iPhone has been returned to you and you have already tried to cancel the lost mode and didn't work

Turn off Lost Mode on an iPhone

1. In Find Devices on iCloud.com, select the device in the All Devices list on the left.
2. Click Lost Mode, click Stop Lost Mode, then click Stop Lost Mode again.
3. You can also turn off Lost Mode by entering your passcode on the device.

If none of this worked

What happens when you unlock the iPhone and you use it? Does it work?

See the pic below. You will see the message "Erased on <Date> <Time>" when you log into https://www.icloud.com/find/

I had the same issue and i asked apple support.

red trash bin means erase is completed.

for those travelling to bangkok for party be careful. thief are everywhere.

cancel erase button stops the process but if data that has been erased is permanently erased from the phone.

as you marked loss the phone still locked. If someone activate this phone again you will be receiving emails.

If im wrong pls update me too.