What the log records
Every submission that reaches an endpoint is recorded — which endpoint it arrived at, when, whether it was accepted, and the fields it carried. It is there to answer "did that form actually send anything?" without guesswork.
It contains personal information
Because the log keeps the submitted fields, it holds the names, email addresses and phone numbers people typed into your forms. Treat it as you would any other record of client information.
Choosing how long to keep it
Set a retention period under the Settings tab. Anything older is removed automatically by a nightly cleanup, so the log cannot grow without limit on a busy site. The Settings tab also shows how many entries are held and when the last cleanup ran.
Where the cleanup appears
The nightly cleanup is listed in the Cron Manager alongside every other scheduled job, so you can see when it last ran and when it runs next.