Thanks for reaching out. Yes, that would disconnect Cloudflare integration. You can also go to your Cloudflare dashboard to update the DNS settings.
That being said, you have already turned off the ads on your site. You do not need to remove integration while you are redesigning the site.
If the redesign of the site includes a hosting switch, then there is a different process.
https://support.ezoic.com/kb/article/how-to-switch-hosting-providers