Project Access after Cancelling (or changing plans)

I currently have an annual all apps plan, although I mostly use Premiere Pro.  The plan is about to expire, and there's a price increase I feel is too high.  So I called Customer Care to see if they could renew my plan at the same price I've been paying, and was told maybe -- but the old plan would have to be cancelled first, then the new plan activated, and as a result, I'd lose all my Premiere Pro data.

I'm not sure what "data" he was referring to as he couldn't clarify any further.  I have never consciously stored anything in Adobe's cloud.  I do, however, have copies of the PP project files, and my media files, on my hard drive. So if anyone can answer the following questions, I'd be most appreciative.

1) If a subscription is cancelled, then renewed minutes later, will I encounter any problems the next time I open Premiere Pro to work on a project I previously created?

2) Alternately, if I cancel my subscription and don't renew it right away -- will I still be able to open and work in my existing PP projects (off my hard drive)? 

3) If the answer to #2 is no -- will everything work fine when I renew the subscription in the future?

Thanks!