If I add the custom field for product with default value in the product details section, will that be reflected on my previous invoices?

If you add the custom field for product with default value in the product details section in Swipe, it will not get reflected in previously created invoices. The added custom field of product with default value will be reflected only in new invoices generated after the update.

Note: If you want to show that custom field in the previous invoices, you can manually edit the invoice and add the value in that field.