I decided to clean up my primary workspace, and move some older projects
out. I Exported a bunch, about 600 Megs of files, 100K files, per the
generated ZIP file. Now I import it back into a fresh workspace, so I
still have it available if I need it, but I look in the file system and
I see that I have 2.2GB of files, and 543K files, and it is still
importing for that new workspace.

I have not extracted a Designer export to see, but does it zip up some
contents internally to save file count? How to reconcile 100K vs 500K+