Yes, videos and photos imported via the Photos item in iMovie are imported as full originals into the iMovie library, where they are stored in the Original Media folder in the Finder. If you select an imported photo or video clip, and do a Find/Reveal in Finder, the Original Media Folder will pop up showing the selected clip highlighted.
However, you might not want to do delete imported media from the Photos app. The Photos app is a good place to store, organize, and manage your photos and videos. You can put them in albums, add keywords, create smart albums for searching for specific clips, add keywords and descriptions, and so on. iMovie is a great video editor app and has some good organizational features, but its storage, organization and file management capabilities are not as strong as the Photos app. Also, it is a bit awkward to retrieve your media out of the iMovie app if you want to work with it independently or use it in another app. You would need to search for it and drag it out of the iMovie media browser.
I keep my media in the Photos app, but also in Finder folders stored on two external drives. (External storage is pretty inexpensive.) I organize them with subfolders. Keeping them in an application like iMovie or Photos is O.K, but applications can get corrupted, mutate with subsequent iterations, or become obsolete.
-- Rich