Hello,
removing a domain does not delete any data (emails/Teams/OneDrive). When you remove a domain, user accounts are reset to ".onmicrosoft.com" address as primary SMTP/UserprincipalName.
It can take as little as five minutes for Microsoft 365 to remove a domain if it is not referenced in many places such as security groups, distribution lists, users, aliases, shared mailboxes, resource mailboxes and Microsoft 365 groups. If there are many references using the domain, it may take several hours (per day) for the domain to be removed.
If you have hundreds or thousands of users, use PowerShell to query all users and then move them to another domain. Otherwise, a handful of users may be missing from the user interface. Then when you remove the domain, you can't, and you don't know why. For more information, see Set-MsolUserPrincipalName. If you want to set the default domain, use Set-MsolDomain.
You can get more information on how to do this from the following post: Remove a domain
If you want to cancel your Microsoft subscription and delete all data completely, please follow the steps in the following article: Cancel a Microsoft 365 subscription
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