Yes, the item will no longer be seen in Restockable Items Pre/In-Transit in the Analytics dashboard. 

Related, a returned item which has been delivered will actually be seen in the For Review tab of Manage Returns. When the return has been refunded to the shopper, i.e. the returns flow has been fully completed, the item will be found under the Complete tab in Manage Returns. When exporting the data as a CSV, all statuses are included, and the spreadsheet can then be filtered by status to see the total number in each stage of the returns flow process. When the status is updated (for example, the return moves from authorized to in-transit), the old status is replaced, thus the return should not appear in the CSV download or within the Manage Returns tabs multiple times.

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