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When I run Premiere, this is always in my sidebar, what is it for? I thought they discontinued Creative Cloud Synced files. Do I need to delete my old autosave files from the cloud?
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"All assets in your local Creative Cloud Files folder on your device will remain intact and under your complete control."
https://helpx.adobe.com/uk/creative-cloud/kb/eol-creative-cloud-synced-files.html
These files are no longer on the cloud. They are still local on your system, its up to you as to whether you want/need them or not. You can check where your current autosaves are located by going to Project Settings>Scratch Disks
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That's interesting; that folder only pops up when I'm running Premiere. So I can just delete it?
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Yes you can delet it. But as I say, check what's in there in case there are any auto-saves for current projects.