Please do note that the payment options for Envato Elements are currently $33 /month or $198 /year (which is effectively $16.50 per month billed annually). You will be able to choose your preferred payment option when you subscribe.
Now, onto your questions!
You can cancel your membership at any time to stop it from renewing. After that, you will not be billed any further, and you will lose the ability to download all items on the platform.
Yes – anything you download and use during your subscription will continue to work as-is. Keep in mind that due to the nature of Envato Elements, items do not include automatic updates or technical support, neither during your subscription nor after it expires.
Hope that helps! Let us know if you have any other questions.
(@mgscoder beat me to it )