Deleting from my OneDrive folder, does it vanish from the cloud?

The one that catches people: moving a file out of the OneDrive folder to somewhere else on the PC counts as deleting it from the cloud as well. So if the idea is to keep a local-only copy, that works, but it won't be online any more. And don't leave it too long in the recycle bin. On personal accounts it's emptied after about 30 days.

Yes. That folder is synced, so deleting a file there deletes it from the cloud and from every other device that syncs the same account. It isn't gone straight away though. It goes to the recycle bin on the OneDrive website first, and you can restore it from there for a while. If all you want is the disk space back, right-click the file and pick Free up space instead. It stays in the cloud and just stops taking room on the PC.