In response to your two questions, I'd like to share following with you.
First, if you remove the license from this converted shared mailbox, the 50GB mailbox quota will get enforced.
The mailbox size will still be 94GB and the email will not be deleted, but because the mailbox will be over quota, sending and receiving of email will not work (incoming email will error with “Mailbox is full” error, code 5.2.2).
However, it's a quick and easy way to export the emails from the mailbox by PST files since you want backing up the excess mail.
You could also assign it an Exchange Online Plan 2 license if you want the shared mailbox with 100GB.
For more information, you can refer to the documents: Correcting Shared Mailbox provisioning and sizing - Microsoft Community Hub
If you have any questions, please feel free to contact me.