Answer
No — Print Agent's own log files are not automatically archived or cleaned up. A new log file is created each time the Print Agent service starts, with the immediately-previous log file automatically backed up at that point as a basic single-generation rollover, but beyond that one backup, any further archival or cleanup of accumulated old log files needs to be handled manually. The logging mechanism itself uses the standard/default IFS logger, so it behaves the same general way other IFS component logs do.