iCloud delete and remove device and photos
Yes, the iPhone will still be erased - when you start your iPhone you'll be asked to set it up again as a new one.
EDIT:
It also described on Apple's Support page: https://support.apple.com/en-us/HT204306

Erase using Find my iPhone
If you enabled Find My iPhone through iCloud, you can use it to erase your device.

Go to icloud.com/find.
If prompted, sign in with your Apple ID.
Click All Devices at the top of your browser window.
Select the device you want to erase.
Click Erase [device] to erase your device and its passcode.
Now you can either restore from a backup or set up as new.