It depends on what you want to deinstall.
If is is only the effects, then no, it will not affect the functionality of PowerDirector, but the effects are missing so the full functionality of video editing is affected.
With the bunde you get some of the effects, that are not trialware. I don't think, that you can deinstall the trialware effects and let the others stay. I have deactivated the trialware manually. They are in a path under
c:\Program Files\CyberLink\Shared files\Plugin\
It is dangerous to do that. Be warned. Don't blame anybody, if your program does not work as expected.
Hatti
Win 10 64, i7-4790k, 32GB Ram, 256 GB SSD, SATA 2TB, SATA 4TB, NVidia GTX1080 8GB, LG 34" 4K Wide, AOC 24" 1080