You really won’t know until you remove it. The tack strip is nailed around the perimeter, which can be removed with a flat bar, and the pad should be adhered with staples that can be pulled out with pliers. There will be holes from the nails and staples, and maybe some knife marks from the installation, but sometimes they’re not too noticeable. Occasionally, depending on the pad, it can leave a residue on the floor, but if it’s disintegrating, it’s probably a cheap foam and this is not the case.

You could always remove a section of it, or all of it and assess the condition, give it a vacuum and a mop, and you could potentially live with it as is. Installers usually charge for removal and disposal, so you wouldn’t be creating a costly issue by doing it yourself.

To refinish them, everything would have to be moved off of them and it’s usually a 2-3 day process with a couple coats of poly. I’ve removed quite a few that were able to be lived on as is. A carpet knife is best to cut up the carpet, but a sharp utility knife will do. Lift and cut to avoid scoring the floor and cut it into 3’ strips to make it easier to handle and dispose of.