I created a record in Zoho ERP, synced it to Zoho CRM, and later deleted it in Zoho CRM. Will the record be deleted in Zoho ERP as well?

No, the record will not be deleted in Zoho ERP.

Also, if the record (created in Zoho ERP) is deleted in Zoho ERP, it will not affect the corresponding record in Zoho CRM.

However, if you have created a record in Zoho CRM, synced it to Zoho ERP, and deleted it in Zoho CRM, the record will either be deleted in Zoho ERP, if there are no transactions associated with it, or marked as inactive.