Export photos from system photo library to a desired location say download folder in finder and connect an external hard drive to the Mac , then transfer the photos from download folders into the external hard drive , hence all your photo data is saved .
You can select few photos see this article Select and deselect photos in Photos on Mac - Apple Support and delete to recently deleted folder see this article Delete photos or recover deleted ones in Photos on Mac - Apple Support ( its your choice to delete them permanently immediately or after 30 days the photos will be removed from the iCloud server ) .
In this way the complete photo data is still on external hard drive , but the space is reduced in photo library .
See this article to export photos Export photos, videos, and slideshows from Photos on Mac - Apple Support
Second method .
Photos can’t be transferred directly from iCloud to an external hard drive for that you need to set up iCloud photo library see the article https://support.apple.com/en-in/HT204264
And its preferences https://support.apple.com/en-in/guide/photos/pht5156cc968/4.0/mac/10.14 , open finder > Go > home > your user name > pictures either drag and drop Photos Library.photoslibrary to an external hard drive , the second method is right click on Photos Library.photoslibrary and click on show package contents in the upcoming column , you can also drag and drop complete masters folder to an external hard drive that is connected .
Also as per the article https://support.apple.com/en-in/guide/photos/pht6d60d10f/mac
Read this : Back up the library in Photos on Mac - Apple Supportsupport.apple.com › en-in › guide › photos › Mac