Hi gengis
I've just spoken to an ATC mate from the SY TCU, and he confirmed that the phrase "Cancel SID, track direct..." implies that all restrictions noted on the SID plate, including SID-specific altitudes and speed restrictions, are waived (obviously N/A to generic restrictions such as 250 blw 10,000ft without further instruction).
Interestingly (and I didnt realise it), it also cancels the generic altitude vs. SY DME restrictions that appear on some plates for departures via ENTRA (etc), unless the controller specifically appends 'Special Requirement still applies' to the 'Cancel SID' instruction.
Hope this helps!
IORRA