Save list as template include content Powershell

Hi,

I have a custom list, which has exceeded the List threshold. Number of items is above 70,000.

I was trying to save the list as template (include content) and create a Archive list with the saved list template, and then delete the older records from the existing custom list.

However, I am not able to save list as template, as the Include content is disabled. I agree that once the list threshold is exceeded, include content option will be disabled.

However, is there anyway to save the list with the contents to another custom list?

Would the below powershell script do the trick:

$site = get-spsite("Site URL/")

$web = $site.RootWeb

$list = $web.Lists["Custom List"]

$list.SaveAsTemplate("TestListTemplate.stp", "TestListTemplate", "Test List Template", $true)

If not, is there anyother way to archive the data?

Thanks