Hi jenneric,
That is correct. As long as you do not remove the device from your account, any pending actions (like the remote wipe you initiated) will still take effect:
If your iPhone, iPad, or iPod touch is lost or stolen - Apple Support
https://support.apple.com/en-us/HT201472
[…] If you remove the device from your account after you erase it, Activation Lock will be turned off. This allows another person to activate and use your device.
What if your iOS device is off or offline?
If your missing device is off or offline, you can still put it in Lost Mode, lock it, or remotely erase it. The next time your device is online, these actions will take effect. If you remove the device from your account while it's offline, any pending actions for the device will be cancelled.
Now, one thing I wanted to mention is that if you did not have a passcode lock on your device, or if you believe someone who found it might have access to your information, it is highly recommended that you change your Apple ID/iCloud password. For more information, check out this relevant section for the article above:
[...] Change your Apple ID password. By changing your Apple ID password you can prevent anyone from accessing your iCloud data or using other services (such as iMessage or iTunes) from your missing device.
- Matt M.
