Actually, the default reflog expire time is 90 days. It's unreachable commits that have a default 30 days expire time. Anyway, the blobs ought to be mostly the same, so I don't think the old history takes that much more space. Haven't measured it, though.
Note that old stashes also keep references to the old history. So if one wants to get rid of it then it's necessary to pop each stash into the new branches and stash them again.