Does Time Machine bundle backup sets when it deletes a month's daily sets?

Question

I'm asking this question to find out if I can delete the all but the last week in a month, each month, in order to extend the useful capacity of my backup drive.
In some backup systems, a periodic "bundle" is made when previous sets are deleted, so for instance, the last backup of the month has the cumulative hourly changes of that month. In this way, transient files which appear and disappear within the month are retained in the monthly backup.
Is this true of Time Machine? Exactly what does Time Machine do? Does it simply wipe out the daily sets and chose the last one to  be the "weekly backup?" Or something more sophisticated and useful?
Thanks for any insight!

Answer 1

I've devised a little experiment to discover Time Machine's behavior in this regard:
On my Time Machine's backup schedule, August 27 corresponds with the end of a week. So, on August 26 at 9:15AM, I created the following [folder]/file structure:
[Time Machine Test -Transient Roll-up]
   [Time Machine Test - 1. Hourly Transience
      A one hour lifetime file.rtf
   [Time Machine Test - 2. Daily Transience
      A one day lifetime file.rtf
   [Time Machine Test - 3. Weekly Transience
      A one week lifetime file.rtf
At 10:10AM of that day I removed
  [Time Machine Test - 1. Hourly Transience
      A one hour lifetime file.rtf
At 10:10 the next day, August 27, I removed
   [Time Machine Test - 2. Daily Transience
      A one day lifetime file.rtf
On August 28 at 10:30AM, acheck today of the earliest backup of this structure reveals only the following:
[Time Machine Test -Transient Roll-up]
   [Time Machine Test - 3. Weekly Transience
      A one week lifetime file.rtf
I draw the conclusion that transient files within a time period are not subject to a "roll-up" mechanism that displays all changes after out-of-date files are deleted by Time Machine. Thus, for instance, any file that appeared and disappears during an hour will be lost in Time Machine's daily history. Similarly, files that only persist for a day will be lost in the weekly history. And, presumably, if one wanted to choose a week which represented an accumulation of transient changes during the month it would be impossible to do so.
Even so, if one wants to manage only one backup volume, rather than accumulating a stack of them over the years, one might well think about selectively deleting all but one week per month in the earliest backups available, as the projected remaining time approaches less than a few weeks. BackupLoupe's Statistics gives an estimate of remaining time left for backups on a volume, and I would suggest using that as a forecast, unless others have experience to the contrary.
Hope this is useful. It certainly is to me.