Not really, an SMS is probably only 200-500bytes to store with metadata so let’s say 1kb just for simplicity.
This site estimates 8.4 trillion SMS per year, globally [0].
So that’s only 8.4trillion kb or 8.4 petabytes.
That’s big, but that’s the whole world.
For comparison, google stores about 2,500 petabytes per day. [1]
So I would guess that not only do they store this forever. There’s also lots of copies and that there’s probably LE firms mining texts for all sorts of pattern recognition, AI stuff.
[0] https://www.sellcell.com/blog/how-many-text-messages-are-sen...
[1] https://skill-lync.com/blogs/how-google-handles-over-40000-p...