It depends on what you mean, but I suspect the answer is no.
Existing installations will remain on users devices and will continue to function as they do today.
If users have sync enabled, when they log in to a new Chrome instance and sync their installed extensions, Chrome will not be able to fetch the archived extension from the Chrome Web Store.
Users will no longer be able to find the extension in the Chrome Web Store, so it is very unlikely that any new installations of the extension will occur.
Chrome Web Store does not support deleting previously published items. They can be archived to get them out of your way when you're using the developer dashboard, but they cannot be completely removed.
Simeon Vincent
Developer Relations Engineer