You can have a retention period of 1 year or 90 days, depending on the licenses for each user (no licenses for the administrators), specifically:
- For users assigned an Office 365 E5 or Microsoft 365 E5 license (or users with a Microsoft 365 E5 Compliance or Microsoft 365 E5 eDiscovery and Audit add-on license), audit records for Azure Active Directory, Exchange, and SharePoint activity are retained for one year by default.
- For users assigned any other (non-E5) Office 365 or Microsoft 365 license, audit records are retained for 90 days.
Azure AD Premium P2 won't give you any additional features.
You can have more information here https://learn.microsoft.com/en-us/purview/audit-log-search
Hope this helps.