Hi Jared,
Thanks for bringing this up. Please take note that only the "removed items" are not counted towards the account limits. Meaning, everything that is not removed in your account will be counted against the entity limit.
However, since the account limits are more on the product level, then I recommend you to post this in the
AdWords Community Forum as this concern is not specific to AdWords API. Their team can better provide you assistance regarding this matter.
Thanks,
Vincent
AdWords API Team