Enable Data Retention at list level Sharepoint online

Our company retention policies is set for 5 years for all site, however i want to add individual retention policies for each list in my site content via Information management policy setting in List settings. as shown below.

Checked after 1 week of applying this retention policy all the data is still there. 

Questions

1. Does the Company retention policies overrides my retention policy?
2. Is there any other way to add retention policy on the list level?
3. Can I archive the data if retention is not possible?