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As per your log files, the quotas management did run but could not find any records to apply quotas on:

DEBUG |20221127 04:05:54|Akeeba\Engine\Core\Domain\Finalization::_run() Running new finalization object Akeeba\Engine\Core\Domain\Finalizer\LocalQuotas
DEBUG |20221127 04:05:54|There were no old backup records to apply local quotas on
DEBUG |20221127 04:05:54|Akeeba\Engine\Core\Domain\Finalization::_run() Running new finalization object Akeeba\Engine\Core\Domain\Finalizer\RemoteQuotas
DEBUG |20221127 04:05:54|Akeeba\Engine\Core\Domain\Finalization::_run() Running new finalization object Akeeba\Engine\Core\Domain\Finalizer\ObsoleteRecordsQuotas

Please note that you have enabled the maximum backup age quotas which override the count and size quotas, as documented. You have told Akeeba Backup to always keep the backups taken the last 31 days, only deleting older backup archives (unless they are taken on the 1st day of the month).

Each of your backups is about 500 MiB. This means that you have told Akeeba Backup to keep at the very least 31 * 500 = 15,500 MiB of backup archives plus the backups taken on the first of each month which add another 6,000 MiB every year.  So, after a year you have asked Akeeba Backup to keep at least 21,500 MiB of backups, about four times your intended target of 5GiB.

If you disable the maximum backup age quotas, do remember that you have also enabled the count quotas with a target value of 3. This means that once you disable maximum backup age quotas and take another backup only the latest backup and 2 or 3 more (depending on your Options settings) will be kept, i.e. a total of 1,500 to 2,000 MiB which under half your target size quotas.

Therefore you need to disable both the maximum backup age quotas and the count quotas.

Please keep in mind that Akeeba Backup —like any software— will dutifully do what you tell it to do, not what you intended it to do. Always pay attention to your configuration and please do read the documentation.