Oh, it does. It's still stored, but it's removed from most publically accessible sources; from my experience, we've hard deleted things when, for example, we've had new mods in and we've wanted to remove the conversation about whether or not we should appoint them (as there's often quite a lot of debate and quite a lot of discussion on their positives/negatives, which we obvs. don't want them to see).
It remains accessible to somebody; just not every/anybody.
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