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Dear Sn,
Thanks for writing back and updating with us. Apologies for the delay in the response.
As per the further updates, I believe there should be some confusion on option “**Keep the following number of major versions”**i.e., when you set the number at the Keep the following number of major versions in the Versioning Settings, the minor versions will be available only for the latest number of major version mentioned in the settings.
Per your versioning settings, the maximum major versions for each item in your Library or List will be 100 and the minors version will be available only for latest 20 major versions. For example, if you have 80 Major versions for a file in the library, then the minor versions will be available only for recent 20 Major versions.
For reference: How versioning works in lists and libraries - Microsoft Support
If still there is any misunderstanding, we are sorry and request you to share the more detailed information which will help us to better understand and guide you further.
Appreciate your patience and understanding with us. Have a great day!!
Best Regards,
Sophia