If you do have a few projects you want to keep, Then yes back them up to a external drive first.
You can also save them locally which is a good Idea too.
Using "save as" and "copy Audio with project" will save only what you want to keep.
If all you audio was originally in the global audio folder ( found in C/ Cakewalk Projects) then this will separated the good from the bad.
Test your "Good" projects first before deleting anything.
A few ways to proof these:
Go and move the global audio folder to a new location on the same drive. If you open a project and it can't find the audio then it was still using that folder. Do the save as again and make sure you choose a different location.
another test.
Close Sonar and open a project by clicking the CWP icon on your back up drive.
If all is good open the global audio folder and delete all the waves inside.
No need to delete the audio folder, just the contents.