I am not cancelling mine yet because if the patterns hold true and the backlog is as long as it is, by the time they get to my number, it would have been out for a couple years and economies of scale and competitors trying to compete should dictate the prices will drop.
The worry Tesla has to have (and will probably react to) is if all these people hold onto their reservation and cancel when told to complete their purchase. That will jam up the works for Tesla very quickly and they will have to lower prices right away to try to mitigate all the 'false interest' at their current price point. We may see a 'Rivian Effect' with the Cybertruck like when Rivian tried to raise prices on all the reservations and people were cancelling or refusing to complete the purchase agreement until they decided to honor the original prices at a loss for active reservations. But again this is Tesla and the hype around the Cybertruck is massive compared to the Rivian R1T when it came out.