When we delete a Price List, is it really deleted? Or it is marked with deleted flag in the database and stays in the DB for some time (soft delete)?
User deletes object as per usual. This however does not immediately delete the object and all associated line items and meta data but rather marks (=soft-deletes) e.g., the Price List. This makes the delete operation quick for the user in all cases (esp. for large lists) => fewer UI problems.
A new background job then picks these up and finally wipes all the bits and pieces (items, meta, workflows, etc.).
The notable impact here is that this also means that these items (esp. regarding workflow) may still hang around (i.e., are visible to the user) for up to 1 hour after the deletion until they finally get mopped up. This is by design in this case then.