Updating documents - immutability

Well I'm fairly new to elastic, and am doing some capacity planning/sizing. My question is along the lines of https://discuss.elastic.co/t/deleting-old-versions/4689. One of the answers there said

These 'deleted' docs will be automatically removed at some point in the
future when the "segments" in your index are merged. This happens in
the background, but can be manually triggered using the optimize API.

This is probably what I'm asking about. Say I update document 1. There is an older version now lingering in storage(soft deleted). When is this older version deleted and when is that space available to me again?