How does retention work?

That’s correct.
Alternatively (better) you can invoke the delete command. This will do exactly the same, without having to change the backup configuration and reverting the changes afterwards.

Duplicati.CommandLine.exe help delete

Usage: delete <storage-URL> [<options>]

  Marks old data deleted and removes outdated dlist files. A backup is deleted when it is older than <keep-time> or
  when there are more newer versions than <keep-versions>. Data is considered old, when it is not required from any
  existing backup anymore.

  --keep-time=<time>
    Marks data outdated that is older than <time>.
  --keep-versions=<int>
    Marks data outdated that is older than <int> versions.
  --version=<int>
    Deletes all files that belong to the specified version(s).
  --allow-full-removal
    Disables the protection against removing the final fileset
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