As far as I know, Splice operates on the basis that if a new version is released, your subscription is switched on to that one. I could be wrong there but I think I seen that mentioned for Izotope Ozone.
Do you know what happens if someone has paid off a portion of it, and then fails a payment? Is that person able to resume payments from wherever they were at, when they’re ready? And will you lose all your projects and VSTs if you fail a payment?
You would cancel the plan rather than fail to pay, and in that instance yes you can resume the plan at a later date, and no you won’t lose projects or anything - just the ability to use the software until you resume again.
You would have thought Splice would have had the sense to add Cubase to the top 5 DAWs supported if Steinberg are going to offer a 2 months free voucher for the service. I appreciate Cubase will work with the plugins provided but hardly a joined-up cross promotion for either party!?