In the current world order, iTunes Match enables what Apple calls iCloud Music Library. Everything synced across it among devices is DRM-free, and can be played on any device if copied separately.
But you can also use Apple Music to enable iCloud Music Library. If you have Apple Music and not iTunes Match, songs retrieved from Apple Music are locked to playback with Apple Music, and will be deleted or be unplayable without an active subscription. (You can use both Apple Music and iTunes Match at the same time, although that can lead to songs you own and ripped on one machine being downloaded as locked versions on another device!)
If your goal is to cancel iTunes Match, you should ensure you have a full copy of all your music on one of your Macs before proceeding.
MacDailyNews Take: Easy instructions are in the full article.
Do you subscribe to iTunes Match and/or Apple Music? If so, are you going to cancel iTunes Match this time around?