If you take your foot off the accelerator while driving down a level highway in top gear, I think the throttle is positioned at the engine’s idle point. And the fuel being supplied to the engine is that required for the engine to idle. (This may be different on computer controlled engines.)
If the engine is not disconnected from the drive train, you will feel deceleration as a result of the engine's drag on the drive train, since it is still being rotating at a relatively high RPM by the forward momentum of the car. If you shift to a lower gear at this point, the deceleration will increase, due to the car’s drive train now causing the engine to rotate faster. This deceleration increase will occur as you shift to each lower gear, as the engine provides more drag due to increased RPM.
This is generally called ‘engine braking’. There is also deceleration due to wind resistance, drive train frictions and rolling resistance.
If you disengage the engine from the drive train, while removing your foot from the accelerator; this is generally called ‘coasting’. There will still be some deceleration due to wind resistance, drive train frictions and rolling resistance; but no engine braking.