I've got some insights to share on what will happen if data will be deleted in QuickBooks Online.
If a user deleted all your data in QuickBooks Online by purging the company file, these information will be completely eliminated in the system. That said, we can no longer locate any reference of the transactions.
However, if the user was removing the data (customer's and vendor's entries) manually in the system, yes, this will be deleted in all platforms or all users end.
Thus, you can still visit the Audit Log section on your account. This area keeps track of your activities, where you can see who made changes to your books and what they did. It's also a good place to check on those transactions that were banished.