If I rewind a folder, will a removed member regain access?

Hannah - 

Thank you for the comprehensive answer! Just for my peace of mind and clarity - may I rephrase and potentially re-state just to ensure I'm understanding?

We'll call the main folder "Folder A" - it was created last year at some point. Then shortly after a subfolder "Folder A1" was created. Folder A1 was shared with two other people and we all (the three of us) collectively were adding/modifying/etc files. 

The folder became dormant and (bad on us, I know) we mostly forgot it existed. At some point last week, one of shared members (I am the owner) hopped into the folder and deleted large quantities of data - both in Folder A1 in general and in additional subfolders within it. ALL of the deleted content DOES show in the "Recently Deleted" section - but of course with that disclaimer that if the "Restore" function is used, they will regain access. 

So I have yet to run Restore or Rewind functions at all. Instead, I went to Folder A (the original overarching folder) and removed all access and then confirmed that access to Folder A and Folder A1 shows only me and the remaining person who SHOULD have access. 

So now, if I am understanding you, if we use Rewind (not Restore) on Folder A1, it will restore the deleted files and NOT return access or notify the now removed user? Mind you, some of the content in that folder was placed there by the removed party (and other content was added by me and the third person). 

Ultimately, this is not the end of the world - we are just trying to recover the data without notifying, or otherwise having a period (even if brief) when the unwanted user can access the data. I just want to be sure if access WILL be returned to the person, that we are ready to remove it quickly. 

Thank you again! The response time was awesome on this!