Safe use of Command Delete

Am I correct in assuming that it is 'safe' to use command delete to remove media from your Library, as long as the media is external? By safe I mean, the actual media won't be deleted, just the alias or reference. And by external, does the media have to be just external to the Library, or on another drive entirely?

Only aliases (sim links) get automatically deleted totally. Media that is managed only gets moved to the trash, not deleted. External media is left untouched. External media can live anywhere, it doesn't matter, it is external media, period. There are no "levels" or "categories" of external media.

Also remember, just FYI, if you're nervous, you can "Consolidate" media from being managed to being external. Then when you delete, you're only deleting aliases.