If you cancel your Sphere License, any programs that were activated with the Sphere license will stop functioning. When the membership ends, your access will revert back to whatever perpetual license(s) you have on your local machine.
After you cancel the membership, you'll be back to whatever perpetually licensed software you had in your account before you signed up for the membership.
Any data downloaded from the cloud account is on your machine, that will not be removed. Any data still in the cloud account when your membership period ends, will be deleted.
If you subscribe on say the 5th of the month and you cancel on the 21st of a given future month, you'll have until the end of the balance of your monthly membership to download all the files from your cloud account.
If you have a perpetual license, it will operate just like it always has, the data on your machine is yours, we don't have any control over data on your machine.