Yes, your subscription will renew automatically every year (or month, depending on how you selected to pay), unless you cancel it.
If you do decide to cancel it, your license will still be valid for the paid-for period; this means you will still be able to enjoy all the Pro features and receive updates and support during that time.
Once the license reach the end of the paid-for period, you will no longer receive updates or support for the plugin and will still be able to use the plugin all the time you want, but only with the Free features.
If you want to cancel your recurring subscription you can visit this article.