You are correct, when you open a cursor, the data is effectively "already known" as at that point in time.
We can easily prove this even in a single session, eg
SQL> create table t as select * from scott.emp;
Table created.
SQL>
SQL> select * from t;
EMPNO ENAME JOB MGR HIREDATE SAL COMM DEPTNO
---------- ---------- --------- ---------- --------- ---------- ---------- ----------
7369 SMITH CLERK 7902 17-DEC-80 800 20
7499 ALLEN SALESMAN 7698 20-FEB-81 1600 300 30
7521 WARD SALESMAN 7698 22-FEB-81 1250 500 30
7566 JONES MANAGER 7839 02-APR-81 2975 20
7654 MARTIN SALESMAN 7698 28-SEP-81 1250 1400 30
7698 BLAKE MANAGER 7839 01-MAY-81 2850 30
7782 CLARK MANAGER 7839 09-JUN-81 2450 10
7788 SCOTT ANALYST 7566 09-DEC-82 3000 20
7839 KING PRESIDENT 17-NOV-81 5000 10
7844 TURNER SALESMAN 7698 08-SEP-81 1500 30
7876 ADAMS CLERK 7788 12-JAN-83 1100 20
7900 JAMES CLERK 7698 03-DEC-81 950 30
7902 FORD ANALYST 7566 03-DEC-81 3000 20
7934 MILLER CLERK 7782 23-JAN-82 1300 10
14 rows selected.
SQL>
SQL> variable r refcursor
SQL> exec open :r for select * from t;
--
-- so I've opened the cursor when t has 1 rows,
-- Now I can delete those rows, and even commit that delete
--
PL/SQL procedure successfully completed.
SQL>
SQL> delete from t;
14 rows deleted.
SQL> commit;
Commit complete.
SQL>
SQL> print r
EMPNO ENAME JOB MGR HIREDATE SAL COMM DEPTNO
---------- ---------- --------- ---------- --------- ---------- ---------- ----------
7369 SMITH CLERK 7902 17-DEC-80 800 20
7499 ALLEN SALESMAN 7698 20-FEB-81 1600 300 30
7521 WARD SALESMAN 7698 22-FEB-81 1250 500 30
7566 JONES MANAGER 7839 02-APR-81 2975 20
7654 MARTIN SALESMAN 7698 28-SEP-81 1250 1400 30
7698 BLAKE MANAGER 7839 01-MAY-81 2850 30
7782 CLARK MANAGER 7839 09-JUN-81 2450 10
7788 SCOTT ANALYST 7566 09-DEC-82 3000 20
7839 KING PRESIDENT 17-NOV-81 5000 10
7844 TURNER SALESMAN 7698 08-SEP-81 1500 30
7876 ADAMS CLERK 7788 12-JAN-83 1100 20
7900 JAMES CLERK 7698 03-DEC-81 950 30
7902 FORD ANALYST 7566 03-DEC-81 3000 20
7934 MILLER CLERK 7782 23-JAN-82 1300 10
14 rows selected.
My rows are still there, because I opened the cursor *before* I did the delete transaction