If you remove the device from your apple id then that device is no longer access to the contacts, images, videos and backups of that particular Apple ID that you removed from your device.
How To Remove Devices from Your iCloud Account | Maximize the Security of Your iPhone
Remove An iOS Device from Your Apple/iCloud Account
Does removing a device from iCloud delete everything?
Assuming that you never again have the gadget since you parted with it or sold it, you want to remotely eradicate it before you can eliminate it from the record. Content from the gadget is deleted yet none of your past reinforcements are put away in iCloud.