The initial deadline was set to February 8, 2021. Facebook decided to extend the deadline to May 15, 2021 after it received backslash from users all over the world and the story was picked up by media outlets.
A help center FAQ provides the answers to the question. According to the information, WhatsApp won't delete the account right on that day.
Here is the most important information:
Competing chat services such as Telegram have introduced options to import Whatsapp chats.
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