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Yes... until the next backup.
Actually I can't vouch for that as I don't know how the backups are done... but by observation I'm guessing incremental backups with an occasional compaction to remove deleted stuff.
I used the WhatsApp "delete media" option for most of my chats, and the ones with a few people I know I would like to keep images from I did manually... which on Android you can do via Google Photos and looking at the Utilities and Device Folders... after deleting all the shit I'm not interested, I added WhatsApp images to be backed up to Google Photos.
When deleting vhats, does checking delete all media leave my google photo backups of it alone?