It will not hurt to stop the erase process on the phone, but it also won't help either, since things will be delayed. You will still have to start over again if you stop the process.
The erase is "pending" for one or more of the following reasons:
- The battery has run down
- The phone has been powered off
- The phone does not have an Internet connection where it is currently located
Thieves are also very fond of placing a stolen phone in a special type of small bag that will not allow the phone to either send or receive signal.
Frankly, there is not really anything that you can do about this except keep checking a few times each day to see if the status of the phone has changed.
Do NOT remove the phone from the list of devices that are using your Apple ID.
Watch out for any messages that appear to be from "Apple" or "Apple Support" that indicated that your phone has been found.....and you just need to provide a few more details so the phone can be returned to you.
Apple does not get involved with lost or stolen phones, so you know that any message like this is a scam that is trying to trick you into revealing your personal information. Ignore and delete any messages that you see like this.