On a Mac all photos you are sharing to shared albums are cached locally in your user library - in the reduced size they are shared to iCloud. Photos will be reduced to 2048 pixels at the longest edge (Panoramic photos can be up to 5400 pixels wide.). I would not delete the originals from my Photos Library.
On macOS 10.13 High Sierra you can see the complete copies of the photos and videos in your shared albums in the sandbox of the cloudphotosd process:
~/Library/Containers/com.appleccloudphotosd/Data/Library/Application Support/com.apple.cloudphotosd/services/com.apple.photo.icloud.sharedstreams/
I just shared an album with four photos and eight videos, and this album is taking up exactly the same amount of storage locally on all my Macs in the user library as in iCloud - 0.5GB of storage. Even sharing such a small album will increase the storage noticeably.