Purging version would definitely reduce the repository size. However,
you would need to wait for the compaction cycle to happen for that. If
you are on AEM 6.3 and above, online compaction would reclaim this space
at 2:00 AM server time (default configured time) To determine if version
purge ran successfully, you can check your error.log files which should
contain messages on the outcome of version purge. Also, you can open
crx/explorer, click on any page or asset and check its version tree to
s...