The default is Media Files Remain on Disk when making files offline and offlining will not delete the source file/s. However, if you do tick Media Files Are Deleted the media files will indeed be deleted from the disk once you click OK. This action cannot be undone and Ctrl+Z do nothing.
To get the files back you can either restore a backup if you have one, copy files again from the memory cards you used if you still have them and they are not yet formatted, use a file recovery software to recover files. If you choose the latter, be aware of that if you continue to use the disk/s were the files were stored, the odds of restoring them decreaes rapidly. Writing to the disk/s will minimize the chance to get files back.
Unfortunately, large video files tend to be much harder to restore successfully than files with smaller foot prints such as documents, images, etc. There are many file restore/saving apps available so you have to do some searching to find "the best". It can pay off to leave the disk/s to professionals instead of doing it yourself. If you do, stop using the disk/s were you had the files now.
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