If you cancel your subscription, you will still be on your current plan until the next renewal date, at which point you will no longer be charged and can no longer use any credits. Any remaining credits will be removed from your account 30 days after the plan ends, unless you resubscribe.
However, you will still have access to the tracks you have previously downloaded. You can download these tracks, and loops from these tracks, indefinitely.
Your licenses will remain active and you can also license new songs from any previously downloaded tracks.