Hi @frob ,
The setting of automatically expire external guest collaborator has two levels:Global Level(O-365 tenant) and Site Level.
Site Collection owner can decide to extend it for external guest, it will automatically extend to the maximum period allowed/set within the SharePoint Admin Center(Global Level). For example, if your limit is 6 months, it will add 6 months to today’s date and will extend access for the user until that future date.
Site permission->Manage Guest Expiration
I found a blog for you that introduces in detail how to set expiration for guest access and answers to common questions, please refer to:How to set up expiration for guest access to SharePoint and OneDrive
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