1.This table stores diagnostics data. It can be configured by using Central Administration or PowerShell.
(1)Central Administration -> Monitoring -> Configure diagnostic logging -> In the Number of days to store log files box, type the number of days (1-366) that you want logs to be kept. After this time, logs will automatically be deleted.
(2)Use Set-SPDiagnosticConfig.
2.Diagnostic logs contain important data. Therefore, back up the logs regularly to ensure that this data is preserved.
References:
https://learn.microsoft.com/en-us/sharepoint/administration/configure-diagnostic-logging
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