The Windows Timeline feature was introduced about 4 years ago with the 2017 build, and it wasn't until a year later that this feature appeared in the feature update for Windows 10. Timeline is a rather important addition because it allows you to access recently opened files and web pages from the past 30 days, including the ability to synchronize history across devices. Microsoft even brought Timeline to smartphones some time later, emphasizing the focus on continuity between devices.
Users will no longer be able to view activity logs on Windows 10
However, everything remained relatively quiet thereafter, and it seems like Microsoft no longer values this feature. Last November, the Timeline feature was removed from the Microsoft Launcher preview, marking the end of the feature on Android.
With the recent Insider build release, Microsoft's focus on device continuity seems to be waning, even though Microsoft clearly points out that many web browsers have provided features like syncing browsing history and tabs, including the Chromium-based Edge browser. Recent Office files can also be found in the Office app and OneDrive on various devices, but Microsoft is moving away from the comprehensive feature set they previously emphasized.
It should be noted that recent files and tabs on your current device will still be listed in the Timeline interface, at least for the time being. Microsoft also hasn't officially announced that they will 'retire' Timeline, it's just that this feature won't support synchronization across devices anymore.
The situation bears some resemblance to what happened with the Paint 3D app on Windows 10. In 2017, Microsoft introduced the Paint 3D app and aimed to build it into a place for drawing and designing 3D models, but the app has recently been removed from new installations of Windows 10 Insider builds and the 3D Objects folder has also disappeared from File Explorer.
