Absolutely. Your data is extraordinarily valuable so in the event that you delete from your system, it will not remove all relevant data from your reports. Here are some examples of data points that can be deleted from the system and explanations of what will remain intact in your reports upon deletion.
Series
When you delete a series, it will not affect your Series Summary and other sales reports as well as the Remaining Series Value report and other reports that delay earned vs deferred revenue. Similarly, deleting a series will not remove any instances of that series from a customer's account. They will still be able to use it to book classes until the time that it expires.
However, you will no longer be able the filter a report by a deleted series like the Attendance By Customer Report for example.