Our OSI PI Server is filling up on data and I need to clear it. Can I delete the "_Backups" file to open up more room?

Our server is 164gb, and the backup folder takes up 43.3gb. We still have all the data in the program files folder. But what I don't know is if we delete the backup folder, will the system do another cycle and recreate the entire folder again? We would like to move the backup folder to a different drive and delete the folder to free up that space.