Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
For a consumer (home use) product, you are using a personal e-mail, so you won't lose your e-mail.
Keep in mind that you will lose your additional OneDrive storage, if you move from a subscription to a perpetual (one-time purchase) license. If you are using more storage than the amount which is included in a free account, you will have to download files to your computer before you terminate the subscription.