Hi DBS1987,
Welcome to the Apple (user-to-user) Community, and commiserations of the stolen phone situation.
Re: "Will it still erase even if I remove it from my device list now?"
Am no expert in this area, yet your question surely deserves a prompt response:
Article below says:
- "If you have AppleCare+ with Theft and Loss, don’t remove the device from Find My or your Apple ID, even if you’ve remotely erased it".
Apple support has an excellent article online that may help with some tips and / or answers:
See what to do: If your iPhone or iPad is lost or stolen - Apple Support
Please note the advice listed under "Report it to local law enforcement".
Also: Learn how to find the serial number of your device
See how to: Get help with security issues - Apple Support
Eg: says: Law enforcement
Please consult these guidelines for contacting Apple with law enforcement requests:
Apple ID Support website (info / support / contact options etc.): Apple ID - Official Apple Support
(NB: There is a "Get support" link at the bottom of the linked website)
All the best :-)