If a judge sentences you to credit for time served, that means that the prison or jail sentence has been deemed satisfied and there is no probation or parole. If a sentence is suspended, then probation is imposed and if there is a probation violation, then probation may be revoked and sentence will have to be served.

If the judge pronounces a sentence and subsequently awards credit for time served, that time served is simply credited against the total sentence and the remaining balance of the sentence must be served. It really depends on what the judge says.