Hi @jayakrishnaaparthasarathy
Not sure if it has been done and in order to keep only the active audiences in the system and since there is no archive or unactivation mechanism (where a segment will be kept in a sandbox but disactivated from evaluation), it could be a good practice to export the segment definition to a lower sandbox (or a central repository) and you would delete the segments in the product sandboxes if they are no longer in used.
You would use
[1] segment service API https://experienceleague.adobe.com/docs/experience-platform/segmentation/api/overview.html?lang=en
[2] segment definition API: https://experienceleague.adobe.com/docs/experience-platform/segmentation/api/segment-definitions.htm...
Note that Adobe is working on a sandbox tooling that allows for the seamless export and import of sandbox configurations between sandboxes.
This is still work in progress and with bit of luck, export segment will be part of the solution.
While waiting for the release of the Sandbox tooling (no date committed yet), you can of course build your own temporary solution using the APIs above...
Hope this helps,
Thanks
Denis