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This means you can filter your historical data by any of these dimension at any time frame.
Data Resolution
To balance performance with data resolution:
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For example:
If you want to view data from the previous 3 months, this is possible only at the daily level, not hourly
If you want to view data from the previous 3 weeks, this is possible at the hourly level, in addition to daily level.
Data Refresh and the 60 day data lock-in
Once data is older than 60 days, Analytics portal will lock-in that data exactly as it is for historical reporting purposes.
Refreshing years of historical data is time consuming for the servers and your CS engineer can discuss options if data past this 60 day thresholds needs to be refreshed.