While you can certainly delete a project (assuming you have delete permissions) but I would highly discourage doing so as you will never get it back. I prefer a more subtle approach by 'archiving' the project. Now in cloud there is no real archive function but you can accomplish by creating an permission scheme that removes all permissions for everyone except the admin. You can also set the project Category to "Archived" to help you know which ones are archived.
Now if you still want to delete the project (assuming you have permissions), go to Project Settings and select "Delete Project" in the sidebar.
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