Same, here in California I just tried it. Account > (big button at top) Cancel Membership > Finish Cancellation. That's about as perfect as I'd want it. I don't want a cancel button on my main screen and I do want a confirm field when I make destructive actions.
Finish Cancellation button is highlighted in Blue and obvious default. Below that is a "downgrade plan" option. There is also a note above Finish Cancellation that says "If you resubscribe within 10 months, your profile and watched shows will remain" or something like that.
The very fact that they have different cancel paths in different locales says that they are doing the one that is most advantageous to netflix according to the laws of that locale.
Finish Cancellation button is highlighted in Blue and obvious default. Below that is a "downgrade plan" option. There is also a note above Finish Cancellation that says "If you resubscribe within 10 months, your profile and watched shows will remain" or something like that.