Hi there!
No, we review our flags much quicker than 7 days.
I’m more concerned with retaining the history of the flag. There’s situations where I’ve wanted to review flag history (e.g. “I know this has come up before, how was it handled last time?” or someone asks “I flagged a post about X. How was that resolved?“).
I find it especially important since one of the reasons a message could be flagged is “It’s illegal”. I’ve thankfully never gotten one of those, but if I did I would really want a permanent record of the flag itself, even if the chat history eventually rolls off.