Right now, deleting a linked object changes all links to that object to a broken link with the text "Deleted".
This is undesirable behavior in use cases where an object that was created because it tentatively warranted its own object is deleted because it didn't turn out to be valuable enough - or when an object loses its relevance.
For example, if a diary (daily note) entry references "Buy a new laptop", it's reasonable to create an object for that project. Later, however, that laptop may already have been bought, leading to clutter in terms of links and at least one page that is no longer useful. But deleting the "New Laptop" page then retroactively changes the daily note to "Buy a Deleted", which can be confusing upon later reference.
Obsidian handles this by allowing "blind" links (i.e. links that lead to an object that's only created when the link is clicked), but just unlinking the string would be a perfectly acceptable solution as well imho.