MyCloud has an external ethernet connected drive?

I am replacing my 3TB MyCloud with a Synology DS118.

What happens if I connect the MyCloud to the Ethernet Port of my iMac.

Will the iMac see the files so I can move them?

Do I have to reformat the MyCloud to use it as a Hard Drive, and that will destroy all the files on it including all my Time Machine Backups.

I am a little confused here.

What should I do???

Still a good working drive.

Your Mac will be able to access the contents of the My Cloud. However, without a second networking port or WiFi connection you will be confined to copying the My Cloud data to your Mac and any USB hard drives connected to it. More information about directly connecting a My Cloud to a computer’s Ethernet networking port in the following WD Support Knowledgebase article.

My Cloud: Access When Connected Directly to a Computer
https://support-en.wd.com/app/answers/detailweb/a_id/16312