ADM will seriously be crippled if the SIM is removed since it removes data capability, meaning that the only way to locate and wipe your device is when it's connected to Wi-Fi and it has its GPS running.
If you have enabled device protection like having a screen lock and not enabling things like OEM unlocking, wiping your device would not be of much use to whoever has it since the phone would require your Google account password and its corresponding authentication code (if 2FA is enabled, which frankly you should have it so). However, do contact your carrier and have that phone blacklisted soon.