It's not possible to pause your paid subscription, but when you cancel your paid subscription, your account will be transferred to the free plan at the end of your current billing cycle.
While you're on the free plan, you will not have access to certain features such as Projects and voice cloning, but nothing will be deleted from your account unless you choose to remove it yourself.
You can resubscribe at any time any time from your Subscription page. Once you resubscribe, you will regain access to the features available to your new plan, including any content saved on your account.