Disconnecting a wallet: does that also revoke token approvals?

After clicking “Disconnect” in your wallet, don’t assume right away that the other party can no longer use the token permissions you previously granted.

MetaMask’s official documentation clearly distinguishes between two things: disconnecting from an app does not revoke token approvals previously granted to that app. An approval allows a contract to spend specified tokens from your account; as long as the approval remains valid, the other party may still be able to use those tokens within the approved limit, even if the page is no longer connected.

When reviewing old apps in the $ETH ecosystem, users should check their connected-app list and token approval records separately. If your goal is to revoke spending permissions, revoke the relevant approval according to the current instructions from a trusted wallet, then verify its status. Don’t rely solely on the page showing “Disconnected.”

First confirm the network, token, and approved contract. Don’t connect to a fake website while trying to revoke permissions. This article explains the difference between these two actions; it has not checked your account and does not guarantee that revoking a particular approval will eliminate other risks.
Sources: https://support.metamask.io/more-web3/dapps/disconnect-wallet-from-a-dapp/
https://ethereum.org/guides/how-to-revoke-token-access