If you’ve bought a yearly licence and cancel your subscription, the plugin will continue to work. However, after the end of the subscription period, you’ll no longer be entitled to free updates and support.
In most circumstances, the plugin should continue to work. However, please note that if you are not able to receive updates then it’s not possible to guarantee future compatibility with WordPress and WooCommerce.
If you prefer to pay a single fee without the yearly renewal, you could consider upgrading to a Lifetime licence. This will entitle you to updates and support without an expiry date and without any further costs.