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is this a setting that I can change? I do not necessarily like that every single document library has 500 and versioning activated

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There's no global setting in SharePoint Online unfortunately. But its really not a big issue having 500 major versions on each document. Versioning just saves the delta (last changes) and not the entire document each time.

IMHO you can safely ignore the setting and move on, since it won't effect performance, nor storage by much.

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    "Versioning just saves the delta". Is this new for online or on premise? So versioning doesnt actually multiplies the copies of the document?, so when you see the dimensions in KB of your document it is not real?
    – susan
    Commented Feb 23, 2017 at 8:27
  • blogs.technet.microsoft.com/wbaer/2012/11/12/… @susan Commented Feb 23, 2017 at 8:28
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    Also check this link - support.microsoft.com/en-in/help/3050531/… , unfortunately no central/global setting to disable versioning. You need to disable it for each individual doc lib if you want. But as Benny said, it only saves delta. This is available since SP 2013. Commented Feb 23, 2017 at 8:31
  • Delta storage (or shredded storage) was introduced in SharePoint 2013, it's been around for a while now. Commented Feb 23, 2017 at 13:23

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