Hi @john john
Per my test, "Keep drafts for the following number of major versions" option in versioning settings doesn't limit the number of minor versions. It limits the number of major versions that keeps minor versions. For example, I keep drafts for 5 major versions like 1.0 1.1 2.0 2.1 ... 5.0. Minor version like 1.1 will be deleted when i create major version 6.0.
For Reference:
How versioning works in lists and libraries
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