From the bolds documentation:
BOLD_CLOCKLOG
To be able to map the transaction numbers used in the TimeStamp columns to the corresponding physical time (such as 2001-01-01 12:34) the persistence mapper will store a log with timestamps and times. Normally, this log is written for each database operation, but if the traffic to the database is very intensive, it is possible to restrict how often this log is written by setting the property ClockLogGranularity. The event OnGetCurrentTime should also be implemented to ensure that all clients have the same time.The usage of this table can be controlled with the tagged value: Model.UseClockLog
So I believe this is used for versioning Boldobjects, see Object Versioning Extension in bolds documentation. If your application don't need this you can drop this in the database.
In our Bold application we don't use that feature. Why don't simply test to turn off Bold_ClockLog in the model, drop that big table and try to use your application. I'm pretty sure if something is wrong then it say so at once.
I can also mention that we have an own custom objecthistoy. It is simply big string (as TStringList.DelimetedText) in a ObjectHistory class that have Time, user and a note about action. This suits our need better that Bolds builtin objecthistory. The disadvantage is of course that we need to add calls in the code when logging to history is done.