No, it means that you upgrade to a paid Google Workspace account. If you don't want to pay for it you can cancel it: https://support.google.com/a/answer/1257646

If you cancel it, your account is converted to an ordinary external domain Google account AFAICT. You need to migrate your email out of Google/Gmail to get service messages over email, but you can continue using your Google account as an ordinary Gmail-like account - only difference being that you handle your email yourself (because you didn't want to pay Google to do it for you.)