Enabling circular logging will not prevent you from querying historical emails in Exchange Server. Here's why:
- Only log files are impacted by circular logging; mailbox data is not. When the allotted space is filled, it automatically overwrites earlier logs, retaining only the most current ones.
- Mailbox Delivery Reports (MDRs) are distinct databases that hold delivery reports, which are used to monitor the progress of email deliveries. Circular logging is not affecting these databases on the server.
For more information - How to deal with Large Exchange log files
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