What effect does Closing a Compensation Cycle have on the Plan/Cycle?

Summary:

We currently have coexist model where Core HR changes and Salary changes are fed over from a Peoplesoft environment to our Oracle Cloud pod. In the past we've been told by consultants we can't close an active Compensation cycle without transferring the data to core HR. But we don't believe that's actually true, if we don't run the transfer process we can still close the cycle from the Active Plans Task.

I've been researching and trying to find some information on the Oracle site and Customer connect but haven't been able to find anything yet, our question is:

What are the effects of closing a workforce compensation cycle? Especially if we don't transfer the data to core HR, does it just lock down the cycle so no more updates can be made? Are there any other effects or risks we may have because we don't transfer the data for prior cycles? Right now we've just left our past cycles open but we'd like to close them as long as there are no adverse effects