nono you will still have the verification badge if you keep paying... So, as far as I can see right now.. there will be 3 types of badges (or two, let me explain).
1) Official Badge (might be gray, at least it is right now).
2) Twitter blue badge - because you subbed to twitter blue.
3) Twitter VIP badge - because you are important somehow.
The 2 and 3 might end up as just 1 badge like it is right now. If so, there will be an indication as to whether the person is verified because (s)he is important, or (s)he subbed to twitter blue. Even right now it is the same (but less noticeable). To see if a person is using Twitter blue or is VIP try clicking on their badge on the profile.
Now, the confusing part is - what happens if someone has a VIP badge, but is not a Twitter blue subscriber? Legend has it that Musk is gonna "unverify" them. Welcome to the new twitter lol.