Saving drafts?

I'm trying to install a new game but I currently have too many videos that I need to edit, leading to me having no space. I don't have the time nor motivation to sit down and edit everything at once- I have hours of recordings. I know there's a save/export option labeled for drafts with 480p but would that make it bad quality later on once I'm actually done with the full video and export it in 720? Or does it save all the clips etc in their original quality if you open that download back up? I've never done any kind of long PC editing.

If not I may just switch to capcut. I don't want to install yet another thing, but I already know how capcut works. Or just delete all of my recordings, I really don't care about them that much.