Can I remove the content from Time machine? Is it just delete all the folders in the Time Machine drive ?

I am about to leave my current company and want to follow the policy to wipe everything related to IP (e.g., code)

Time Machine was enabled in the past for faster backup locally than some cloud providers.
In the case where you can copy off any non-work related items, it’s thousands to millions of times faster to copy off any data that should remain and then partition and erase the drive entirely. 


https://support.apple.com/en-us/HT208496 - How to erase a disk for Mac - 
Use Disk Utility to erase (format) a hard disk, SSD, flash drive, or other storage device.




Lots of technical info below is why an erase is easier and options if you have to surgically remove some data and it’s worth the pain to learn and perform the surgery. It is possible to do. 

Automating deleting all instances of one file is a very difficult process as would even be copying off all versions of one file if it changes often. Let alone finding files that were backed up and now deleted. 

Deleting a single backup instance is reasonably easy to automate but takes a long time since each file is hard linked to other identical copies and chaining these files together and keeping track of how many copies of each file  was backed up has lots of overhead and save operations to the filesystem.