Say ListTwoItemView which is used to represent model ListTwoItem, and that ListTwoItem holds the ID of a ListOneItem to which it is linked.
If the user deletes a ListOneItem, all ListTwoItem‘s that link to it should be deleted. Does it make sense if I bind the ListTwoItemView to the linked ListOneItem so that should the referenced item be deleted – the ListTwoItem model and view are also both removed?
No it doesn’t. Models do not know about views. What you normally do in that case is that your ListOneItem will destroy your ListTwoItem when it is destroyed itself.
This will raise a “delete” event on the collection the ListTwoItem is part of (if it is not part of anything, you must trigger an event yourself). Listen to that event and remove/rerender the view as needed.