New Apple One family sharing and old iCloud+ family sharing

Here's the question and I apologize in advance for the lengthy lead in.

I currently have a family subscription to Apple Music ($16.99) and a second 200G family subscription to iCloud+. I just signed up for an Apple One family plan which is free this month.

My understanding is that the separate Apple Music subscription will simply meld into Apple one next month and that I need to do nothing.

OTOH, I believe my 200G iCloud+ storage will be added on to Apple One's 200G, and I will end up paying for 400G of storage which is more than I need. (I already see 400G listed.)

So, assuming all of this is correct, my question is: If I want to end up with 200G of storage instead of 400G starting next month, should I cancel my iCloud+ storage now? I know it will continue until the end of this month but that's okay.

Thanks in advance for your help.