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If you are taking about ec2 instance only then yes it cancelled as soon as you terminate..
But EBS volumes might depends how you terminate instance..
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When terminating an EC2 instance, you need to also terminate the EBS volume and any associated Elastic IPs if they were purchased. See this article for more information: https://aws.amazon.com/premiumsupport/knowledge-center/ec2-billing-terminated/
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so should we unbind the ebs from the instance, then terminate the instance and the ebs?