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I found this article in the Jira KB, which is very simple and clear https://confluence.atlassian.com/adminjiracloud/archive-a-project-1013843066.html
Problem is, it does not represent the options I am presented with.
The KB says
To archive a project:
Do you see the Archive option? I don't
Please assist.
So the only option is to delete the project then. I was hoping to use one of my projects as a template. Looks like this is not possible.
@Wade Henderson Project Archiving is a Premium feature, that maybe ther reason why you cant see the option.
https://confluence.atlassian.com/adminjiracloud/archive-a-project-1013843066.html