It appears that

SET DELETE ON

invokes a built in "filter" for a "delete flag" in every table record.

Everything I've read suggests that I should have every expectation that a deleted record, though still physically present, should be "virtually" invisible to absolutely everything I do within a table (except of course to become "real" if I SET DELETE OFF).

Is it naiive to assume that deleted records disabled by SET DELETE ON will be totally inert with respect to my app or are there some well known gotchas I should be aware of?