The install files are there, you can keep them, delete them, or archive them to a secure location at will. Mine are in:
Local Disc (C:) -> ProgramData -> Cakewalk -> Command Center -> Downloads
Personally I've been leaving the most recent there while testing a new update, in case they're needed for rollback (I don't know, not having had to roll back yet!) but then moving them to an archive disk to conserve C drive space, since so far there doesn't seem to be a way to control where they get downloaded to...