You do know that they actually permanently remove content on here sometimes, right? I love reading banned users posts! It is not the only tier of moderation at play though.
No, we don't. We only delete things outright when the author asks us to (and typically, when it didn't get any replies—otherwise we try redacting, reassigning to a different username, and/or other things).
I stand corrected! For whatever reason I remember seeing a lot of blanked-out flagged posts when kiwifarms went down, but I could be remembering things wrong.