I'm no expert, but I've read a bit about Vespula vulgaris (the most common sort of wasp in the UK) and tackled a few nests in the past.
My impression is that if you put a vacuum cleaner next to the entrance you may, if you're lucky, catch nearly all the wasps that leave the nest, but the queen never leaves the nest, and the eggs and larvae don't leave the nest, and I think there may also be some workers that stay in the nest looking after the larvae, so things will be quieter after you've finished vacuuming, but the colony will probably regenerate itself in a week or so.
My impression is that if you put a vacuum cleaner next to the entrance you may, if you're lucky, catch nearly all the wasps that leave the nest, but the queen never leaves the nest, and the eggs and larvae don't leave the nest, and I think there may also be some workers that stay in the nest looking after the larvae, so things will be quieter after you've finished vacuuming, but the colony will probably regenerate itself in a week or so.