What does Security Mode Complete do in 5G NAS?

It tells the network that the UE accepted the selected NAS security configuration and is ready to continue with protected signaling.

What usually comes after Security Mode Complete?

The next step is often Registration Accept, though other protected NAS messages can follow depending on the procedure.

Does Security Mode Complete mean registration is finished?

No. It means NAS security activation succeeded. Registration still needs the remaining procedure steps to complete.