Deleted content, including content that is deleted via spam and rude/abusive flags is still visible to users with enough reputation (generally 10k+, I believe). I think the Markdown rendering of this content should be changed so that links are not "active" and images are not displayed. Ideally, the Markdown render would vary based on how the post was deleted such that content that was deleted as spam would have no active links and rude/abusive content would have no images. From a practical standpoint, just turning the Markdown rendering off for deleted content would be enough.
For example, on a site I am a moderator on, we have a user who is spamming/abusing the site with NSFW images. Our users are rapidly flagging, downvoting, and deleting the content and the site moderators are on top of the issue. I am hoping at some point the community managers (CMs) will purge our list of NSFW posts. Until that happens, a bunch of the posts on our front page are not safe for high rep users (those who can see deleted content) to view while at work.
It seems the system try to hide the content from high rep users if it has been flagged, however, mods are still presented with the content. If a high rep user wants to interact with a deleted post they would eventually have to look at the content. Further, users do not always flag and delete in the best possible way. By turning off the Markdown renderer users would be "safer".