We have a component that is being broken out into a new project and will apply to the project it currently lives in. If I remove the component from the project, does it also remove from the existing issue in the current project?
Actually, yes, it is removed from the issues. Unless you're on a very old version of JIRA
You will still find it in the history of course.
Deleting a component also asks you what you'd like to do:
There are issues related to this component, specify what is to be done with them.
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