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When we create a new SharePoint site and/or new document libraries, they will have their number of default major versions to 500

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so is there a way to change this number to be 50 instead of 500 and apply these settings to new and existing libraries?

Thanks

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To new libraries: No

To existing libraries: Make an automated powershell script that iterates over all of your existing libraries and makes sure that the number of versions matches the one you want.

https://www.sharepointdiary.com/2014/06/enable-versioning-on-all-document-libraries-in-sharepoint.html

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