What are the options available for the archival of the data of Document Library in SharePoint Online

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We have a couple of document libraries in which there is a large amount of data.

i.e., one of the document libraries has 1,99,936 items in it.

We are looking for the best archival option so that the current site doesn't get slow due to a large amount of data and also we want to avoid the issues with Search as the threshold limit is crossed.

 

Below are some of the options we found for the Archival of SharePoint Online Document Library,

  1. Manually move the older files to other locations / delete them.
  2. Set retention policy.
  3. Create a flow on a particular document library to move the files to other locations over a specific time period.

Is there any other option available for the archival?

 

Thanks in advance.

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