will deleting & turning off my backups delete all my current photos, contacts & etc.?

i have an iphone 12 pro max, that i’ve had for only maybe 1-2 years. in my settings ➛ my profile ➛ icloud ➛ manage account storage ➛ backups ➛ this phone…my backups are taking up 904.6MB. which, in retrospect, it’s not a lot for my little 5GB limit…but i don’t like it being so high bc my photos, which is second highest, is only at 333.9MB.

if i were to click the bold red letters that says “delete & turn off backup” does that mean i’m going to lose EVERYTHING including my CURRENTLY HAD contacts, photos, apps, preferences and etc.? if so, is there a way i can delete previous backups and just keep ONE…most recent backup???!!! please, i’m desperate, i just summer cleaned my phone and i’d hate to lose the progress!