Storing music library in iCloud Drive

Hi,

I'm trying to save hard drive space on my iMac. Therefore I moved the music library (using the settings in Apple Music app) to iCloud Drive (I've 2TB storage there). I also use iTunes Match. In theory that move would free up about 70GB of disk space since iCloud Drive stores the files in the cloud as default. In practice, does it work that way?

I'm not sure if this was a smart move. I'm still waiting for the library to show upp in iCloud Drive on my Macbook Pro. I guess it takes a lot of time to update and move such a big library.

I would be very happy to have people's input if I've been an idiot or a genious :-)

Thanks!

/Matt