calling reversed
return a iterator over that list, which a special object that allow you iterate in reverse order over the original list, is not a new list and is a one time use only
>>> s= [1,2,3]
>>> t = reversed(s)
>>> t
<list_reverseiterator object at 0x00000261BE8F0C40>
>>> list(t)
[3, 2, 1]
>>> list(t)
[]
>>>
and because this iterator reference the original list, any change on it is reflected when you iterate over the iterator later.
Update
In particular and as MZ explain, if that change is such that the state of the list is different from when the iterator was created you get nothing if the size decreases or an incomplete version of the list if increased
>>> s= [1,2,3]
>>> t = reversed(s)
>>> s.insert(0,23)
>>> s
[23, 1, 2, 3]
>>> list(t)
[2, 1, 23]
>>> t = reversed(s)
>>> s.append(32)
>>> list(t)
[3, 2, 1, 23]
>>> s
[23, 1, 2, 3, 32]
>>> t = reversed(s)
>>> s.pop()
32
>>> list(t)
[]
>>>