iTunes movies on Mac
Can I move movies purchased from iTunes Store to iCloud to free up space on my Mac?
MacBook Pro
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iCloud Drive is a syncing service, not an offsite storage site. Any file you add to iCloud Drive will exist also on your Mac, so you won't save space.
In managing your movie collection you can remove a store download from your Mac for re-downloading at a later time. See Manage your library in the Apple TV app on Mac