Impact on Procurement modules after terminating HCM license

We recently moved out of HCM and do not subscribe to HCM anymore.

We got a mail recently, unless we renew the Cloud Services within this retrieval period, following its expiration, our remaining data in the Services will be deleted, except as otherwise required by law.

So the question is what will happen to our Procurement module which need the employee data to work with. Will it stop working or since employees are part of common setup, it should not be impacted. We have similar concerns on the job and other HCM related data which is used in our Procurement module.