Yes, it will. A kind of dead giveaway that the movie has been deleted is the adult field is null when pulling the change list down:

http://api.themoviedb.org/3/movie/changes?api_key=###

Then, when you grab the id, I saw id 252573 for example:

http://api.themoviedb.org/3/movie/252573/changes?api_key=###

You'll see it has a destroyed action.

Cheers.