Hello BallSportsGear@michael_rosenbe,
According to the Canvas Studio for Higher Education page, Canvas Studio is a cloud-based video education platform that integrates with Canvas and allows users to create, share, and comment on media files. Canvas Studio also offers features such as video quizzes, analytics, and accessibility tools.
If your institution does not renew the Canvas Studio service, the video files that you have recorded or uploaded to Studio will not be automatically moved to the Canvas course files. You will need to download the video files from Studio and upload them to the Canvas course files manually. You can learn how to download and upload video files in Canvas here.
As you have assumed, any annotations and quiz functions of Studio will be removed from the video files if they are not hosted on Studio. These features are specific to the Studio platform and require a Studio account to access them. However, you can still use other Canvas tools to add comments, quizzes, and feedback to your video files.
I hope this answers your questions.
Best Regards