I'm setting up variations in SharePoint 365.
On my test site, I have US English, and propagate to French and Spanish sites. If want to delete a item/list/page/site and also update the two target variations, is that possible?
As per variation concept if you add/edit/delete anything (item/list/page/site) in source site, it will be reflected the same in the target sites. The variation will keep the source and target site synced always. But you may also options to limit your scope thorugh changing settings for variations. To know more about variations, read the below link.