This is a very commonly used feature in Dynamics 365 CE that lets you clear your old unused records. We can run the Bulk Deletion Wizard and define the criteria to delete records. Following is the screenshot from Bulk Deletion Wizard where we can define our source records:

We can also schedule bulk deletion to run after a specified number of days. By default, this wizard lets you select a minimum of 7 days to schedule a bulk deletion job, but the dropdown lets you input a number, should you wish to run it before 7 days. We can also configure the wizard to send a notification once the bulk deletion job is completed. The bulk delete job uses an asynchronous service to run its operation and runs in the background without affecting Dynamics 365 CE user activity.