If a student is suspended from his or her academic program, and cannot re-enroll, then the visa would be terminated. It does not matter if the suspension is due to academic problems or conduct. This is especially important at universities in which a minor infraction or misdemeanor can result in academic discipline.
The nightmare situation is of course the student who loses his or her visa eligibility, loses his or her status, and overstays for more than 180 days. This can lead to a long-term bar to re-admittance to the United States. Every international student should be aware of what the immigration ramifications are any sort of university discipline.