No. Deleting a Marketo Program does not delete the Jeto Campaigns and vice versa. You can delete a program in Marketo, or a campaign in Jeto but you will also need to delete it's counter part in the other system.
It should also be noted that if a Program is deleted in Marketo and it's matching Jeto Campaign in not deleted, any update to that Campaign will result in API errors (Program not found).
Deleting a campaign or a Launcher in Jeto has no impact on Marketo whatsoever. The Marketo Programs will continue to exist and will send emails if they were scheduled to do so.