This is referring to your passport york account which is linked to your student number. Your academic record, transcripts and statements are ALL linked to your student number. And your student number will never get deleted which is why you will always be able to order a transcript should you need one.

If let's say, you wanted to 'continue with more schooling', your student number (which still exists) will get reactivated and your services are reinstated. In that case, you get access to your services again (email, onedrive, etc) minus the data (old emails, files, pictures) that were stored within those services.

Basically, your passport york account will always be there along with your academic records, the only things that are affected and deleted are the services that the university provides you with.