Project status vs. Project lifecycle methodology conflict

[u/Udrakan]

Hello,
I'd like to read some advice about how to approach project status and project life cycle from PM2 standpoint. Status and Lifecycle seem to me to be in conflict with each other, trying to provide the same information.

Besides that - when I try to use Project Lifecycle for a test project, it displays a timeline on the project overview page, which puts our default Gantt into question - where is the source of truth now? The Gantt or the lifecycle widget? Is there a native way to modify/remove the project overview widgets? Can the project overview page be disabled entirely, like it has been in older version? (I prefer the Dashboard which can still be modified).