Cleaning off my desktop today and saw this. Dont ever recall creating this. Ok to delete it? It's called "relocated items"
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Yes. Totally fine to delete it. It contains old 32 bit files that are no longer used with macOS Catalina. There's probably even a text or pdf file in that folder that describes this. I have yet to see any of these that contained info any user has needed. No idea why apple made the choice to just drop this on people's desktops after an upgrade. But there are many choices Apple makes I don't understand.

Toss it and move on.