I cannot go into details, but I have put some functionality into perspective of my vertical.
1: Nope, the Data Archival Framework (DAF) is the way to go for Finance & Operations. The fast track team have some great material, but I like this Youtube video the most, this gives a really great intro to the framework. https://www.youtube.com/watch?v=E0_u8WscIO0
Keep a look at the Yammer group mentioned in the video.
2: Not really, DAF fulfills financial institutions needs (10+ years).
3: I only care about PROD. UAT and TEST should have current data to test on, and DEV environments can be reproduced at any point in time using version control (Azure DevOps, Github etc) as needed.
You should consider all other environments that PROD as disposable, and should be able to be recreated at any point in time without consequences for you/your customer.
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