That's possible, yes. I always look at the attachments because they're the thing to worry about. The data in the database is usually a tiny fraction of the space consumed by attachments. I remember getting backups measured in Mb for Jira systems with hundreds of thousands of issues, and hundreds of Gb of attachment data. I think the space taken up by the installation and database are generally negligible (and there's no sane way to say "project X takes up Y kb in the database", you'd have to unpick every row in every table to calculate it)
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