I believe that @knolleary meant installed nodes (for example node-red-contrib-something) in addition to the library is also significant. Go to Manage Palette and you can see all the nodes that are installed. Uninstall any of those that you are not using.
If you run top in a terminal it will show you the total Swap available and how much is used. If you find you are using any then things will start slowing down dramatically.
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