Can I safely remove a stolen iPhone from my Apple account without FindMy?

My old iPhone 13 was stolen. It is out of warranty, had wifi access only but had my apps/passwords etc. It was passcode and Face ID protected, no cell service. No FindMy activated, cannot lock/erase it. Still listed on my Apple account. Can I safely remove it from my account? Not sure if there is a security issue either way. It is still listed as a trusted device for Apple account notifications and I can’t seem to change that.

[Re-Titled by Moderator]