Does this work with tracking entity reference fields that are paragraphs connected to a node?

Paragraphs support would be welcomed, I would suggest adding this as an optional module into a modules folder such as:
safedelete/modules

Then it could be enabled once safedelete is installed.

drush gen module is a good starting point.

probably not that hard to patch safedelete to add paragraphs support , would take some jigging but definately possible, check the field type of the paragraph make sure it's got a text format and that it's a text area field type .