How to extend the hold period when invoice is renewed

Summary:

We had a request from our AP team asking for a feature on being able to hold an invoice for approval with an approver, without the system automatically escalating it after 12 days, which is how it is setup in our system.
We saw the renew option on invoice approval action, and got to know that once selected, the invoice gets held with an approver for 7 days.
Is this time frame accurate? And is it possible to extend the approval hold for more than 7 days, without having to click the renew option again?

Please advise.

Content (please ensure you mask any confidential information):