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Time line shows all the history of the project hence making it easier to pinpoint mistakes if any. Having all the detailed record is beneficial on the long run as it keeps one updated as to what changes had occurred on which date. All changes can be seen by clicking on the "diff" option as shown in the screen shot.

note: every separate project has a different timeline for eg project abc will have a different timeline as compared to project xyz

following is a screenshot for your better understanding