No, you should not remove this folder as it contains the Previews for all the images present in your Lightroom Catalog.
If you will remove this folder, Lightroom will automatically start recreating it as you will work on images in the Catalog as the Previews would be required.
If you want to optimize your catalog, you can refer this article : How to improve and speed up Photoshop Lightroom performance
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You can set Lightroom to expire items sooner, thus reducing the cache size in the Catalog Previews.lrdata.
- Open the Catalog Settings (Mac: Lightroom > Catalog Settings..., Windows: Edit > Catalog Settings...)
- Go to the File Handling tab
- Change the entry for "Automatically Discard 1:1 previews" - it is 30 days by default, you can change it to as little as one day.
Keep in mind, LR will have to build new 1:1 previews every time you go to the Develop module or view in Loupe of Full screen mode, so be prepared for lots of spinning circles and "Loading..." messages.