What happens when I use "Erase This Device" in the Find My app? I gave someone an iPhone SE that still has my Apple ID on it.

The "Related Article" states:

"If the steps above weren't completed and you no longer have your device, use these steps:

1. Ask the new owner to erase all content and settings using the above steps.
2. If you're using iCloud and Find My [device] on the device, sign in to iCloud.com/find or the Find My app on another device, select the device, and click Erase. After the device has been erased, click Remove from Account.
3. If you can't follow either of the above steps, change your Apple ID password. This won't remove personal information that's stored on your old device, but it prevents the new owner from deleting your information from iCloud.
4. If you're switching to a non-Apple phone, deregister iMessage. 
5. If you're using Apple Pay, you can remove your credit or debit cards at iCloud.com. Choose Account Settings to see which devices are using Apple Pay, then click the device. Next to Apple Pay, click Remove.
6. Remove your old device from your list of trusted devices."