Recent activity feature in list and library

Hi SharePoint Users,

There is this new feature in SharePoint Online list and libraries where you can see the recent activities associated with an item. Will this capture the entire history of an item say for 1 year or does this have a limit of showing only the latest 10 changes?

I know there is this option of version control to track the history, but this feature looks lighter and easier to use if you don't need to maintain the old versions.

https://support.office.com/en-us/article/file-activity-in-a-document-library-6105ecda-1dd0-4f6f-9542-102bf5c0ffe0

Any inputs appreciated.

Thanks,

Kevin