If a vCenter Server license expires, the managed hosts become disconnected from the vCenter Server inventory. The hosts and the virtual machines on the hosts continue to run. Using the VMware vSphere to connect directly to the host, you can power on or reset the virtual machines.

https://docs.vmware.com/en/VMware-vSphere/7.0/com.vmware.vsphere.vcenterhost.doc/GUID-F2B7886A-A4A6-....