If you have an iPhone (and iCloud), you can save a ton of storage space by enabling Optimize iPhone Storage. Your original photos will be moved to the cloud, but you'll get low-res proxies on your phone (good enough for the phone display).

Alternate, low-tech solution: my sister goes through her photos (print and digital), curates a decent selection and turns them into print-on-demand photo books. Much more compact than a physical album, yet more accessible than a digital frame (and giftable too). Does require quite a bit of time investment though.