AFAIK you don’t lose data, but in case you have formatted the external SD card as internal memory you may not be able to use apps which are stored on the card. Maybe in case better ask your favourite internet search beforehand.
When you have formatted the external SD card as storage memory then you don’t need to worry to try it out, though you obviously cannot access the data which is saved on the card and apps which use the card for saving their data will complain about not having access to it and will switch to use internal memory instead. You may have to choose to use the card memory for these apps manually after the test finished.
I have indeed removed the SD-memory card and it solves the problem. When I put it back in, it seems like I have no reception even though the bars indicate otherwise. About 4 out of 5 calls fail. Super annoying…
I have formatted the card as internal memory, so it would also be very annoying to get rid of it.