J1m It is indeed. You can cancel the auto-renewal, by following the link in your confirmation payment email.
At the bottom, where it says, 'To cancel your subscription, click here'.
When you follow that link, it will basically say your subscription will be cancelled. The text is confusing, but it will keep your subscription active until your renewal date.
We are rolling out a change that gives paying users a 3 day grace period before Schedules get automatically paused. This period after your subscription has expired will allow you to select the yearly plan subscription.