Yes, it would delete it.
Not sure if it is the correct analogy but it works in a similar way as the data grid filter. In a datagrid you see a list of records, when you apply filter on the datagrid it simply shows you the records which satisfy the filter condition, and when you delete anything from the filtered records you are actually deleting from the original list.
I am sure there is a better explaination to this, but hope you understand this analogy for the time being.