Final Cut Pro Update - Old Projects & Events

Hi, Final Cut updated my folder structure (making it super confusing) and now I have a folder with a purple icon that has 4 stars that says "Macintosh HD's Projects & Events" and also a "Macintosh HD Old Final Cut Projects & Events" folder.

The "new" one is 315GB and the old one is over 500GB. Between the two I am now very low on harddrive space.

My question.... Can I delete the "Old" folder of projects & events? When I look at the new folder it appears to have everything in it, but I just wanted to make sure before I delected 500GB of projects.

Thanks,
Chris