Change university on approved F1

I have an approved F1 (H4 to F1) in march and the university is 100% remote I haven’t traveled to the US since then. I want to change the university for which I need to apply for the visa interview.
If the interview for the new university is rejected will the initial F1 on the old university be revoked?

When you exit the country, your status is not applicable. Read Visa vs Status in context of US visa
So, the F1 status you got with Old University is not material. Your stay in US during that time is valid and what you studied or credits you took will be valid. just that you need stamping to enter country again.