Does wp_delete_user() remove all user content?

Check the docs.

wp_delete_user( $id, $reassign );

If the $reassign parameter is not assigned to a User ID, then all
posts will be deleted of that user
. The action ‘delete_user’ that is
passed the User ID being deleted will be run after the posts are
either reassigned or deleted. The user meta will also be deleted that
are for that User ID.