There is also a MaxVersionsToDeletePerRun (default 50k) if it is a timeout issue..
Content Settings | CMS | Umbraco Documentation
but missing in the docs for config here 
Umbraco-CMS/src/Umbraco.Core/Services/ContentVersionServiceBase.cs at main · umbraco/Umbraco-CMS
DateTime olderThan = asAtDate.AddDays(-effectiveKeepAllDays);
int? fetchLimit = versionCleanupPolicy.MaxVersionsToDeletePerRun > 0
? versionCleanupPolicy.MaxVersionsToDeletePerRun
: null;
/// <summary>
/// Gets or sets the maximum number of content versions to process per cleanup run.
/// When more versions are eligible, they will be processed in subsequent runs.
/// A value of 0 means no limit (process all eligible versions).
/// </summary>
[DefaultValue(StaticMaxVersionsToDeletePerRun)]
public int MaxVersionsToDeletePerRun { get; set; } = StaticMaxVersionsToDeletePerRun;