It seems that you could not archive versioned entities automatically, but I think you could do it by copy a version and delete the old ones more than 12 months manually. And there is not a way in the MDM web UI to delete a version. You must manually delete it. Please refer to below link:
Copy a Version
Delete a Version
How to clean Master Data Services data using Data Quality Services in SQL Server
And you could find all the functions of Version as following picture:
Best regards,
Carrin
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