You won't be able to delete either unless cascading deletes is turned on (or you delete the child records first). Why is this a problem you ask, why can't I do what I want to do? Because if you do then you may lose the integrity of the data. Suppose I have records in table2 which relate to records in table 1. Suppose further that table1 has an autogenerated id. If I could truncate that table, then I leave those records i ntable 2 hanging out without any record to reference them, they have become orphaned. Well but I'm putting the data back in you say. But then they will have new id numbers and you will still lose the relatinoship tothe related data.
Can you drop the FK and truncate and insert and recreate the FK. Yes you can but it is a poor practice and you should not unless you are also recreating those related records.
The best practice is to use a MERGE statement to update or insert depending on what you need.