Depends on the metric IMO. There's a ton of use you can get out of forecasting and seasonality for anomaly detection, but you need data going back for that to have any chance. Many relevant operations metrics exhibit three levels of seasonality: daily (day/night) weekly (weekday/weekend) and annual (holidays, superbowls, media events). Being able to forecast network traffic inbound on a switch to find problems would require you to have 1y of data, effectively. You _might_ be able to discard some of the data but you'd lose some of the predictive capacity for say, the Super Bowl.
It depends on how high fidelity you're talking but in my experience retaining these metrics can be valuable, not only for viewing seasonal trends already mentioned in another reply but for debugging problems. It can be helpful to be able to view prior events and compare metrics at those times to a current scenario, for example as a part of a postmortem analysis. I do agree that the usefulness of old metrics falls off with time. Metrics issued from a system 3 years ago likely have little in common with the system running today.