iTunes Mobile Applications folder

I still upgrade mobile applications using iTunes (I use 12.6.3.6 version that is a sort of enterprise version), so

I have in the iTunes folder the Mobile Applications folder which has all the Apps I downloaded: therefore if I want to upload an app I already downloaded I can bypass the Cloud and get it directly from my Mac using iTunes.

May I remove all the apps in Mobile Applications folder (or the folder itself) and store them/it elsewhere so I can free space on my internal HDD? Is it possible to put an alias in the iTunes folder so I can keep on upgrading Apps using iTunes, but without wasting space on my internal HDD (of course -when upgrading- I must keep connected the HDD were I store the mobile apps removed)?

Thanks