There are several parts to this question. First of all, the data itself. Is that coming from a SQLite database via a query? If so, you have a Cursor object, which contains the entire result. So if you have a query that yields 200 rows, you will have all 200 rows in memory (which is why it's so important to narrow your projection).
As for the list itself, that part is pretty efficient - Android will only create views for the elements that you can actually see. And, depending on what kind of views you have, and whether they support recycling, Android will actually recycle existing objects to minimize the amount of overhead for initialization and memory management.