See the article Erase a device in Find My iPhone on iCloud.com - Apple Support
Cancel an erase
If your device is offline, the remote erase happens the next time it’s online. If you find the device before it’s erased, you can cancel the request.
- In Find My iPhone on iCloud.com, click All Devices, then select the device.
- If you don’t see All Devices, it’s because you’ve already selected a device. Click the name of the current device in the center of the toolbar to access the Devices list, then select a new device.
- Click Stop Erase Request, then enter your Apple ID password.
And as per the article Remove a device from Find My iPhone on iCloud.com - Apple Support
You have turned off activation lock , the the person who has access on iPhone will use as its own iPhone .
All your content is erased, and someone else can now activate the device.