There is way to read or see old logs too because error occurs even that time when we’re offline so it will be good if there is a way to see old logs too.
I see something like rewind button just besides the logs.
But it never worked for me.
Maybe they are working on it atm.
Stay tuned I would say 
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It is just to revert back commits btw as i think so !
No, logs get cleared but you can set up your own logging - Jenn shared an example project which does this, see How do you show the full console log?
If you’re still not seeing rewind work, let me know on what projects and I’ll look into it.