Record history and the events behind it are kept separately, so each one is its own answer.
Keep all history
Nothing is ever deleted. You pay for the storage it takes, or connect storage of your own.
Keep rolling history
Versions other than the latest are kept for the window you set, up to 365 days.
Maintain a maximum size
The archive is held at a size you set, dropping the oldest versions first.
How long versions other than the latest are kept. Up to 365 days.
Deletion starts only once the archive reaches this share of its allowance.
Keep all events
No captured event is deleted. You pay for the storage the log takes.
Keep a rolling event log
Events are kept for the window you set, up to 365 days. There is no latest event to hold back, so the window covers every one.
The event log is held at a size you set, dropping the oldest events first.