Question about reducing "max voices" in score created from midi file.

Hello. I have some piano pieces in midi format and when I am import them they get multiple voices (I think due to notes being sustained and thus overlaping) I only need to do chord analysis of that piece. My Question is how exactly reducing the "max voices" options will work. Will it just shorten the notes from voices 2-4 that are overlaping with voice one and leave anything else in place?