In Snowflake, when a table or schema is dropped, it is not immediately deleted but retained for the configured data retention period, also known as "Time Travel." During this period, users can use commands like UNDROP to recover the dropped object if needed. After the retention period expires, the object is then moved to Fail-safe (if applicable) for an additional seven days before being permanently removed. This feature is intended to provide data protection and recovery options in case of accidental deletions.