versioning – If you reduce the SharePoint version history for a document library, will the oldest versions be deleted?

Example: The default major versioning history for a document library in SharePoint Online is 400 versions.

I am looking to free up space in SharePoint Online.

I want a document library to only retain 100 versions of documents. I also want to delete the oldest 300 versions of the documents.

If I change the major version history for a document library to 100 versions, will the oldest 300 versions be deleted?