I just moved my nameservers and hosting to WordPress.com. I'm now also still paying GoDaddy for web hosting of that domain, which I bought here at GoDaddy, and had purchased hosting for. I have successfully changed the DNS info on my site indicating the WordPress.com nameservers instead of the GoDaddy nameservers. I am still paying for GoDaddy web hosting for that site. I don't need to be paying for the Godaddy hosting on that site anymore do I?
No, if you only had one site on the account and you have moved it, you no longer need it. I would make sure it's been on the new host for at least 48 hours just in case in DNS servers have not been updated because they could still be hosting to the GoDaddy hosting servers.