We’re always advised not to delete products that have sold as they help the overall health of our store.
Lets say someone orders 5 of one thing (that hasn’t sold before) so your stats for it show All-Time Orders = 1, Item//Quantity Sold = 5. If the order goes pink, I think from past experience that your stats go back to showing zero orders, zero sold. So if an order is canceled it is no longer factored into the stats we can see for that product. But does it still carry any weight for whatever behind-the-scenes algorithms are happenings to determine zRank and MP placement?
Nutshell - Can you delete a product that’s sold but then been canceled without any negative effects on your store?