Your photos and videos will no longer be backed up to Samsung Cloud.
Your photos and videos will still be available on your phone and in your Gallery. But if you want them backed up, you will need to pick something other than Samsung Cloud.
Why in the world would you discontinue the "my files" storage on the cloud and try to force us to use One Drive and no other option. I worked for a month to get One Drive off of my computer because I didn't like the way it "took over" my computer. I bought the computer and neither Microsoft or anyone else is going to rule where and how I save my data on my computer.
I've been a long Samsung user and supporter but I am not considering making a change, just because of this attempt at forcing us to use One Drive with no other option.