Will turning off and delete photos via icloud preferences on macbook delete my iphones photos?

I was writing a note in my notes app when a popup came up saying my cloud was full, it prompted me to go to references, so I did.

Now in iCloud preferences I see the following:
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For a while now I have wanted to turn off iCloud saving of my photos, so that can be allocated towards saving my notes.

Question: If I click the “Turn off and Delete” for photos, will it delete my photos from my phone?