Yes, you can delete a product without problems. This is what happens:
The product can no longer be selected for new orders and disappears from the order pages of your payment links.
Orders that have already been placed, and pending recurring orders, remain and keep this product.
A deleted shipping rate is no longer added to new orders, including recurring orders.
How to delete a product
Go to “Products” in the menu.
Click the red trash button next to the product.
Do you only want to change the amount or the name? Use the edit button instead of deleting.
Read more about products in What are products?.