Does deleting submission free up Submission Storage?

I am on the free plan - I see it says 500 submission storage. Once we receive a form, can we download the information then delete it out of the system to free up more storage?

Yes, deleting submission(s) in your form is one way you can free up the Submission Storage Limit of your account.

Please note that once a submission is deleted, it can no longer be restored and downloading submission before deleting it is advised — How-to-Partially-Download-Form-Submissions-as-Excel-CSV-PDF

To learn more about your account limits, please check this guide — Understanding-Your-Account-Usage-and-Limits

If you have other questions, please feel free to let us know.