When there is a mismatch, the most common result is that the VPN stops functioning when one site's lifetime expires. The tunnel does not completely rebuild until either the site with an expired lifetime attempts to rebuild, or the longer lifetime fully expires.
Remote Site has Shorter Lifetime(s)
In this situation, the local site will still be sending IPsec datagrams towards the remote peer while the remote peer does not have an active association. In most cases, the tunnel will rebuild when the remote site attempts to rebuild the tunnel (prompted by sending interesting traffic toward the VPN route from the remote peer).
Local Site has Shorter Lifetime(s)
In this situation, the remote peer will still be sending IPsec datagrams towards the local site after the lifetime expires. As the inverse of the above, this will typically rebuild when traffic destined for the remote peer's subnets cause the local site to start a new IKE negotiation.
https://documentation.meraki.com/MX/Site-to-site_VPN/IPsec_VPN_Lifetimes
I am not a Cisco Meraki employee. My suggestions are based on documentation of Meraki best practices and day-to-day experience.
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