When you disavow a link, any and all associations with that link to your page are removed. I kind of thought that was obvious, but John did field a question related to it the other day. He confirmed the associations with the link are removed when you disavow.
This is a question from Twitter:
Yep
— 🍌 John 🍌 (@JohnMu) October 15, 2019
Short and sweet response but that is how disavowing links works.
Forum discussion at Twitter.
Note: This story was pre-written before the Simchat Torah holiday. I am currently offline for the holiday and unable to respond to comments on this site, social, media or other platforms.