Seven days for successes, ninety for failures
Look at your backend's query logs. Nearly every query touches data less than a week old, apart from incidents and post-mortems, which look at failures from weeks back. So use two tiers: short retention for the boring 95 percent, and long retention for errors, slow requests and watched tenants. Leave metrics alone, since they're the cheapest way to find out something's wrong.
observabilitycost
Longer version: the post this came from.