That depends on what you've chosen for the setting related to that. If you 'Add songs to library when adding playlist,' then no, the songs/albums remain. Otherw

That depends on what you've chosen for the setting related to that. If you 'Add songs to library when adding playlist,' then no, the songs/albums remain. Otherwise, the playlist is your only view to that music, and so removing it removes your only view. I believe the default is not to add songs to your library when adding a playlist, so deleting the playlist removes your view.