Yes and no: the gift card itself is not spent down. Redeeming it converts the whole value into the customer's digital wallet balance in one step, and that wallet balance can then be used across as many orders as the customer likes. The remaining balance lives in the customer's wallet, not on the gift card — shown to the customer as Your Digital Wallet on the Earn Rewards page, and to you as the Edit Balance amount on their customer record.

Note: while the wallet credit and the "redeemed" protection both take effect immediately, the gift card's own status pill in the admin can still read Active rather than Redeemed when it was redeemed through the website checkout box — see the redemption question for details.