Homebase3 storage used vs archive all size - they don't match

I recently installed a HB3 along with Video Doorbell S330 and Indoor Cam S350. I also installed a 240GB SSD in the HB3.

With all the default triggers on both cameras the HB3 indicated 12% remaining space within 2 months. When I exported all video to a spare drive however it only took about 17GB. This is a mis-match of about 200GB.

Why does the app indicate only 12% space available on a 240GB drive when archive all events is only 17GB?