rm -rfv ~/Library/Caches/Adobe/After Effects
Adobe After Effects uses something called a 'Disk Cache' to offer improved performance.
You can disable the Disk cache or allocate a smaller size to it by going to
Preferences -> Media & Disk Cachein After Effects.
In my case, the allocated Disk cache size was 46GB and about the same size for an older version of After Effects.
So this strategy has the potential to free dozens of Gigabytes of space!