Hi there, @JordanSims ...
Totally agree with @Ron_Bowman on this (and your second bullet point in your original post). At the Technical College I worked for, we used "master" courses as well, and instructors copied content from those to their semester courses. We didn't really do anything as far as archiving the courses or deleting them from Canvas. We kept the courses in the Spring/Summer/Fall terms. If we had deleted those courses, then we would lose all the course content and data. If a student, for example, needed to get work from a previous semester course, it wouldn't be there if the course was deleted. The same held true for instructors who may have needed to look at the content from a past semester course. Or, if a student challenged a grade after a course had been completed, we needed the ability to look back at the assignments and Canvas Gradebook. There are just a variety of reasons why keeping the course in Canvas is of great benefit.