Hi @Sravan_Kumar by marking a list as production data this simply means that you will be able to continue to make modifications to the list while you model is in deployed mode. End users will still be able to see the list and interact with it in the same manner they would in standard or development mode.
One thing I would like to highlight is that end users can also modify the list items from the dashboards. If it is a numbered list you can go ahead and publish the button for end users to create items into the list
If it is a General List you won't get an option of publishing CREATE buttons instead there will be a + sign on the top right side of the list if that list is published on to the dashboard. End users can also create items by going to Dashboard Module Menu options->Edit->Insert and insert the items.