At one point it did 'borrow' from the old one IIRC so unless someone knows better (more up to date) I would be cautious about deleting it altogether. Photos, iTunes/Music etc are not good at warning you stuff has got lost so things might quietly vanish.
I'd create copies (even a cloned disk if you have one, and the time) and muck around with those to see if the photo count remains the same, etc.
(Sam will probably turn up in a minute and say 'no, it's fine to delete it'...)
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Cheers,
Jason