Have a user setup as a Subscriber. Can still see the Dashboard.
Multisite and version 3.4.2 of WordPress.
I tried both network activating and activating in the subsite and then I deactivated in the Network Admin area and within the subsite it looks like its still activated (because it says "Deactivate").
The following plugins are installed in the Subsite and Activated:
All In One Event Calendar by Timely
Genesis Simple Edits
Genesis Simple Sidebars
Jetpack by WordPress
Redirect to Homepage by Bjorn Wijers
WP Hide Dashboard