Yes. One tap, no questions. Your account drops back to Free and your characters stay.
Cancelling is a downgrade, not a deletion. Your characters, generations and history remain in the account — you keep working on the Free tier's credit balance instead of losing the work you already made.
There is no phone call, no retention interview and no "are you sure" maze designed to outlast your patience. If you want the account itself removed rather than downgraded, that is a separate, deliberate action.