Thanks for posting your question in the Microsoft Q&A forum.
As mentioned here:
when you remove a user as a guest in Microsoft 365 or Azure Active Directory, it typically revokes their access to shared files and folders that were specifically shared with them. However, it's essential to understand that there may be exceptions or situations where they could still have access to certain resources.
You can also read this article:
https://learn.microsoft.com/en-us/entra/id-governance/access-reviews-external-users