Hi, Kelly!
I see that you're wanting to make some space on your computer, and are wondering how you can delete iTunes purchases, and if you'd be able to get them back later. I'm happy to help!
It looks like you have a MacBook Air running macOS 10.15 Catalina. With Catalina, your iTunes purchases were split between the Music app for music, and the TV app for videos, but the actual files themselves have not been duplicated. This means the change should not have increased the amount of storage being used by the purchases, just changed which app opens them.
That said, you absolutely can delete any iTunes purchases physically stored on your computer to free up space, and still maintain access to them through the cloud.
Check out the steps in Delete music, movies, and TV shows from your device - Apple Support to learn how you can delete content from your computer, and Redownload apps, music, movies, TV shows, and books - Apple Support to get more information on redownloading those purchases later.
You may also find the information in How to free up storage space on your Mac - Apple Support helpful if you need to clear up storage space on your Mac.
Cheers!