My disk space was getting low and I knew I had to delete some of the node_modules from my projects. I was looking for a way where dependencies between projects could be easily shared without downloading again or copying the packages into the current project directory.
pnpm is exactly the tool designed to solve these issues. It creates hard links to different packages instead of storing entire packages. Just remove the old node_modules folder and run pnpm install inside your project and you're good to go.

References:

1. https://pnpm.io/motivation
2. https://www.infoq.com/news/2020/06/pnpm-javascript-package-manager/
3. https://pnpm.io/cli/install