A computer file does not have to "go back". Digital files don't work that way.
When you get an ebook from a library, the library still has its copy, with a note "lent out to wyndslash until [date]", and you have another copy with info where it was borrowed from, and the "return" date.
If you make another copy to strip the DRM, you will have that DRM free copy, and the "returnable" one, and "return" it early - which is really deleting the file and telling the library "I don't have this book available anymore; you can 'lend' out the book to someone else now".
Even if somehow the file with DRM on your computer is deleted, the library would automatically treat the book as "returned" once the return date has passed, since you cannot access the copy on your computer anymore (without stripping the DRM).
Checking out a book froma library does something good for the author, though: The library sees people are interested in a book, and the more an author's books are checked out, the more likely it becomes their next book is bought, too. In many countries, authors also get a small reimbursement for library loans (not in the USA, though).
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