I've had the timer on for about a year now, it's pretty nice not to have all that history accumulate. On my device or others'. One week was a bit short though, I'm glad they added 4 weeks recently.
It's a simple swipe on the message, and either party can unsave it. Of course my ex-girlfriend just saved everything.
Snapchat's UX is (was?) really incredible for privacy, and did a great job of mimicking the IRL experience, they just didn't bother with E2EE unfortunately.