What happens after the 30 days of cancelling your iCloud Subscription?

Hello. This might be a silly question, but I am confused as to what happens when u cancel ur iCloud subscription, & then wait 30+ days to renew it

I currently have 2TB, as my storage exceeds the 200GB option. I’ve seen that if u cancel ur subscription, & it resets to the free 5GB, then u have 30 days to renew it before all ur photos are deleted

Is that true? & if so, does that mean even if u renew the subscription after 30 days, then the photos still won’t come back? I apologize if this is a dumb question, I just want to be sure before I cancel my subscription