This is one of the traps with treating Project Manager as a perfect “what did I use?” report.
It is sequence-based, but the media copy/consolidate result can still be affected by how the footage was imported and what kind of media it is. Spanned camera media, long-GOP codecs, merged clips, speed changes, master clip effects, plugins, and transcode limitations can all push Premiere toward copying more than you expected instead of making a neat trimmed package.
So I would use Project Manager for what it is good at: making a working archive/handoff folder for a selected sequence. I would not use the output as proof that everything outside the package is safe to delete.
Safer archive pass:
- Duplicate the project.
- Import/copy only the final sequence into a clean project if the source project is messy.
- Run Project Manager or a dedicated collect tool.
- Open the collected project with the original media offline/disconnected.
- Watch for missing media, AE links, fonts, plugins, and relink prompts.
- Keep the original camera media until the archive has been verified and the job is truly closed.
Project Manager can save space, but it is not a storage audit layer.