Seems right to me, yes. If there is a delegatee you want to delete, you should delete:
The targets only the delegatee is responsible for.
The delegatee's targets metadata.
The delegation off any delegator's targets metadata.
But keep the snapshot metadata about (2) around until timestamp/snapshot needs to be reset (e.g., due to a fast-forward attack, as described in Section 5.3.11 of the spec).
(3) can safely be updated in the snapshot metadata so long as it doesn't rollback itself.
@trishankatdatadog summarised the steps for removing a delegation in https://github.com/sigstore/root-signing/pull/546#issuecomment-1319169899. We really should include that in the repository operations section of the specification.
Copy/pasted here for ease of reference: