No – if you de-active a value or filter a value within an LOV list, this value still sits within the system and will pull through for historic data if you are reporting on the field. By de-activating or filtering a value, you are in essence, removing this from an end users point of view.
By de-activating a value on a job requisition, this will no longer appear on your job context page for a vacancy and the same applies to your conditions form.
Be mindful before de-activating values – if you are using a merge field within a communication template which is pulling from a field in your job requisition form and you de-activate this field, the merge field will no longer populate data.
As outlined in the guide, this also applies to your conditions form and if you are using contracts. If you de-activate a value on your conditions forms which maps to a field used in your contracts, the merge field will no longer populate data.