What does the booking expiration period mean?

I just want to check something. Does this mean once the booking request is accepted, guests have 24 hours to make the payment or else it gets automatically canceled? Is it 24 hours or just the next day?

Screenshot 2023-01-21 at 11.55.58 PM

Yes, this would mean if they don’t pay within 24 hours after the request is accepted, the booking will be canceled and the dates will become available for booking again.