How to manage storage and purging elasticsearch

I am new to the forum although I have been working with ELK for a while now. I have done several tests and we are already thinking about implementing a real solution, but my bosses have had some doubts about how ElasticSearch manages the enormous amount of information that it raises.

How do you manage the storage of such heavy logs?
Does it allow historification?
Does it allow definition of periodic erase policies, use of secondary storage, etc.?

Thank you very much for your help