Time Travel and Fail-safe are two features of Snowflake that provide continuous data protection and availability, the difference between them is:
Time Travel allows users to query, clone, and restore historical data in tables, schemas, and databases for up to 90 days. Users can access Time Travel through SQL commands or the web interface.
Fail-safe provides a 7-day period during which historical data may be recoverable by Snowflake in the event of a system failure or other disaster. Users cannot access Fail-safe directly, they need to contact Snowflake support for data recovery.