Instant Restore and Retention range

Hi,

I'm new to this and I need clarification on Instant Restore and Retention range.

So I set up a daily backup based on the default settings of instant recovery snapshot for 2 days, and retention range of 180 days.

The schedule is 18:00 daily.

Does it mean that if I try to restore a VM or file, I can only restore from the past 2 days? Or within the 180 days range?

What's the difference between the two?

Thanks in advance!