If you set the delete rule to “nullify” and delete the A object, then the references to that object in the Bs will be removed. The inverse works the same way. If you have cascade and delete B then it will remove the A that B pointed to. It will then follow the delete rule from A to the remaining Bs (either cascade or nullify).
The rules you set really depend on your data model. If A were a customer and B were their orders then you could set the A->B rule to deny (prevent A from being deleted if it the customer has orders) or cascade (delete the orders when the customer is deleted). The B->A rule would probably be “nullify”. If an order is deleted simply remove the reference to the order from the customer.
The relationship delete rules are described in the Apple Core Data Programming Guide