In the Location record, unmarking the Make Inventory Available only prevents the users from adding the quantity from this location to a sales order.
The value of the inventory is still reflected in the Balance Sheet.
This can be verified by customizing the standard Balance Sheet report:
1. Navigate to Reports > Financial > Balance Sheet > Customize Summary.
2. In the Edit Columns page, expand the Financial > Location then select Name.
3. Click Preview.
The amount in the Inventory Account should be displayed for all locations.