icloud back up

Does unsubscribing from extra icloud storage affect the data that are already in my device?

I recently purchased a new iphone 14 pro 1TB and restore everything from my older phone to this new phone. I have to subscribe for extra icloud storage 2TB to completely back up my older phone (since it had about 238GB of data). Now, my new phone has all data from my older phone after restoring. I am worried that if I’m not renewing my extra icloud 2TB subscription, the data (photos, notes, contacts, etc) from my older phone will disappear in my new phone. Please advice. Thanks