Hello Sanjiv.
Probably, if you have +5K records on Succeeded/failed/cancelled and specially, +5K records "waiting", then probably something is wrong: maybe a workflow or plugin is being triggered several thousand times.
In powerPlatform Admin center, you have a report under Analytics > Dataverse, on tab "System Jobs" that might be helpfull to understand what's going on. If the backlog is too high or you have a high number of executions for example, might be related to that plugin/workflow that is causing more records to be pending
In this scenario, you can reach Microsoft Support to assist you on understanding what's causing this behavior and check for possible options.
Regards
