365 days restore points is supported.You do not need to create the Lifecycles manually, WPTC does it automatically for you from version 1.17.0.

Please check and ensure that you have updated your WPTC plugin to version 1.17.0 or above.
Now go to WP Time Capsule -> Settings -> Modify Restore window you want > Save settings.

Dropbox

By default, Dropbox allows 30 days history limit. You need to buy other plans to increase the version history limits.
Check out Dropbox plans here.

Google Drive

Unfortunately, Google Drive does not support history limits for more than 30 days.
So as of now, you wouldn't be able to use 120 days restore points on Google Drive.

Note: Once you have enabled 120 days restore points, WPTC plugin will automatically change the default number of restore points to 120 days.
However, you can change these values under WP Time Capsule --> Settings --> Backups --> Revision Limit

If you still got any questions, feel free to write to us at help@wptimecapsule.com