I think you are misunderstanding this function. Compress old files doesn't delete any files, it compresses old files, oddly enough. Those are files that have not been accessed for x number of days (50 days by default). Compressing them can give you back some hard drive space, but they will be a little slower loading if you do need them later.
In that application, when the menu tab is on "Disk Cleanup" click on the
line "Compress Old Files" and read the Description of what happens. That
should help you answer your question. Press the Options button to
change the age at which the DiskClean program will compress files. No
files are deleted (per words in that description).
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