When you delete an item, the listing is removed from the connected marketplaces. The data remains in your deleted folder, but it no longer appears on your inventory “all” view. You can reactivate it later and connect it back to marketplaces.
Deactivating an item simply changes the status of the item on the connected marketplace to inactive (on hold, deactivated, inactive, etc.). The item is still visible on the “all” view of your Ronati inventory.